Biden to Transfer Hundreds of Thousands of College Loans to Taxpayers

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Biden recently “forgave” student loans of 110,000 government workers to get more votes. He’s not forgiving anything – he’s transferring the debt to Americans who didn’t take out the loans. It’s “relief” for mostly well-paid government workers and a burden for the rest of us who pay taxes.

The Education Department has canceled around $6.8 billion in student debt for more than 110,000 borrowers through the public service loan forgiveness waiver.

Hundreds of thousands more could still see their debt discharged as part of the effort, CNBC reported. The average amount of debt reduction per borrower is close to $60,000, according to the Education Department.

Biden’s also considering “forgiving” a percentage of everyone’s college debt.

They’re blaming George Bush for this but Biden morphed it into the abomination it now is. Allegedly, it’s temporary, but it’s easy to be “forgiven” if you’re a government employee.

How does Biden define public service worker? It’s anyone employed by a U.S. federal, state, local, or tribal government or not-for-profit organization (federal service includes U.S. military service). At least they included our military, but basically it’s union workers who already get high salaries and went to expensive colleges. These people are his voting bloc and he aims to keep them.

There are other requirements. They had to work full time, the loans had to be direct or consolidated and they have to make 120 qualifying payments. If those payments are $10 a month, it will likely pass muster.


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Tim Shep
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Tim Shep
1 year ago

That’s what they do. Their answer to everything is tax and spend and blame their mistakes on the other guy.

GuvGeek
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GuvGeek
1 year ago

I used to think vote buying was Illegal. I hope the New Congress in 2023 overturns loan forgiveness. But then, maybe the Supreme Court might weigh in, Where is Traitor Joe’s authority for this? A president can set aside criminal convictions, not contracts.

Tim Kuehl
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Tim Kuehl
1 year ago

We could predict this happening when Obama transferred student loans from private lenders to the government.

The Prisoner
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The Prisoner
1 year ago

It is theft. If we had a decent government, transferring the debt of a contract to a party not involved would not be allowed, congress and the courts would react.

tristian
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tristian
1 year ago
Reply to  The Prisoner

Where are the gatekeepers, our house reps or senators with the hue and cry that this burdens the blue collar workers that bust their arse day in and day out and pay taxes? So now the commie educated elite get deferments from duty, from obligation, from responsibility, from accountability, from giving your word on a loan…..what a rip off to the American taxpayers.