Joe Biden recently discussed his rhetoric on the cancellation of student loans, where he noted his undeterred intention of eliminating the debt despite the ruling from the Supreme Court, which struck down the president’s plan.
In his speech, Biden blamed “MAGA Republicans” and “special interest groups” for stepping in and thwarting the debt forgiveness through legal action. “Early in my term, I announced a major plan to provide millions of working families with debt relief for their college student debt. Tens of millions of people in debt were literally about to be canceling their debts. But my MAGA Republican friends in Congress and elected officials and special interest stepped in and sued us. The Supreme Court blocked it,” Biden stated.
However, the president noted that, despite the Supreme Court’s decision, he is continuing in his effort to wipe out the student debt. Biden explained that his administration is exploring “alternative paths” to achieve his goal.
“But that didn’t stop me. I announced we’re going to pursue alternative paths for student debt relief for as many borrowers as possible. That’s the effort that’s been underway the last two years. Fix was called the safe plan existed, I fixed it to make it the most affordable repayment plan ever. Before I took office, student borrowers had to pay 10% of their discretionary income on a monthly basis. If they made less than if they didn’t have enough to do that,” he said.
“They were able to not have to pay that interest continued. A lot of people don’t have the means to do that. Under my save plan, we’re cutting in half to 5%. The undergraduate borrowers…and undergraduate borrowers have to pay after their living expenses are accounted for. That means no one with an undergraduate loan, whether it’s community college or a four year college will have to pay more than 5% of discretionary income to repay those loans started in July. And that’s income after you pay for necessities like food and housing,” Biden stated.
Biden continued hashing out the details of his repayment program, stating how millions of borrowers have already signed up for his play. He further noted that for some, their debt would be eliminated “immediately” and ahead of schedule.
“Already 7.5 million Americans have enrolled in the so called save plan. And there’s more than 4 million of those borrowers had their monthly payments dropped to zero if they’re living paycheck to paycheck below a certain level. This plan is the most generous repayment program ever and today we’re doing it even faster and quicker than ever before. I’m proud to announce our save plan. We are immediately canceling the debt loans for over 150,000 borrowers nearly six months ahead of schedule,” he added.
Biden’s student loan forgiveness plan has sparked outrage from conservatives, who claim it is not the taxpayer’s responsibility to pay for the debt. Furthermore, the plan has angered some who have taken on debt, but worked hard to pay it off on their own without a handout from the government.
See footage of Biden’s speech below.
Note: The featured image is a screenshot from the embedded video.
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