Biden Forgives Another $4.2 Billion?!

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(GoRealNewsNow.com) – Joe Biden administration’s latest $4.2 billion student loan forgiveness scheme is yet another attempt to play with Americans’ pockets and taxpayer money.

This reckless spending spree, masquerading as relief for public service workers, is nothing more than a desperate ploy to secure support before the upcoming election.

Biden’s administration is canceling $4.2 billion in student loans for 55,000 people, primarily targeting public service workers such as teachers, nurses, and law enforcement officers.

This move brings the total number of Americans receiving student debt relief under Biden to nearly five million, with the Department of Education reporting a staggering $180 billion in forgiven loans during his presidency.

The Biden administration’s actions are fiscally irresponsible and legally questionable.

In 2022, the Supreme Court rightfully overruled Biden’s landmark forgiveness program, which aimed to cancel hundreds of billions in student debt, stating that he had overstepped his powers due to the enormous sum involved.

President-elect Trump has not detailed student loan plans for his second term, but on the campaign trail, he called Biden’s cancellation plans illegal and “vile.”

Republicans in Congress have also criticized Biden’s cancellation work, saying it unfairly transfers the burden to taxpayers who didn’t go to college or already repaid their loans.

Despite this clear rebuke from the highest court in the land, Biden has continued to push his agenda through targeted programs and loosened rules for public service loan forgiveness.

The administration’s focus on expanding loan relief through these programs is nothing more than a thinly veiled attempt to circumvent the law and advance its socialist agenda.

Moreover, this reckless spending does nothing to address the root cause of the student debt crisis: the skyrocketing cost of higher education.

Instead of holding universities accountable for their exorbitant tuition fees, the Biden administration is content to use taxpayer money to address the problem, further inflating the higher education bubble.

“The unbridled scope of these prohibitions enables the department to hold schools liable for conduct that it defines only with future ‘guidance’ documents or in the course of adjudication,” the U.S. Court of Appeals for the Fifth Circuit said in a statement.

The educational debt burden in America is astounding. With college costs ranging from $10,000 to $70,000 annually, debt accumulation is significant.

According to Pew Research Center data, one in four American adults under 40 has student loan debt, with the median debt around $20,000 to $25,000.

Biden’s relief efforts target specific groups, such as those in the Public Service Loan Forgiveness (PSLF) program, borrowers defrauded by institutions, and borrowers with disabilities, potentially providing these individuals with a much-needed financial reprieve.

Yet, many foresee that such expansive debt forgiveness measures might halt with the incoming Trump administration, whose stance has been critical of broad-spectrum student loan forgiveness. Trump has called for the complete elimination of the PSLF program.

As Biden’s term concludes, the legal complications piling up with Federal court challenges paint a murky future for student debt reform, emphasizing a pivotal shift in policy approaches with the new administration.

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