Biden Cancels More than $7 Billion in Student Debt for 160,000 People – IOTW Report

Biden Cancels More than $7 Billion in Student Debt for 160,000 People


President Joe Biden revealed that his administration will be canceling more than $7 billion in student debt for 160,000 people.

The White House issued a statement Wednesday announcing that 160,000 people in the United States would have their student loans canceled, erasing a total of $7.7 billion in student debt for those people.

In June 2023, the Supreme Court issued a 6-3 decision to block Biden’s plan to cancel $430 billion in student loan debt for almost 40 million people.

“Today, my Administration is canceling student debt for 160,000 more people, bringing the total number of Americans who have benefitted from our debt relief actions to 4.75 million,” Biden said in the statement. “Each of those borrowers has received an average of over $35,000 in debt cancellation.”

Biden explained that the 160,000 people who were having their student debt forgiven were people working as teachers, nurses, or even in law enforcement who had enrolled in the Biden administration’s Saving on a Valuable Education (SAVE) Plan. more

31 Comments on Biden Cancels More than $7 Billion in Student Debt for 160,000 People

  1. So, we have a Supreme Court with no enforcement mechanism, other than the Executive Branch. Obama proved that if the Executive refuses to abide by a Supreme Court decision, there are no negative repercussions…if you’re a Dem.

  2. I worked 40+ hours a week and took 6 years to get my degree and graduated with $0 debt. Though my Computer Science degree isn’t as valuable as Gender Studies or African Drumming.

  3. …but on the other hand… If the court handed down a horrendously bad decision, congress or the administration probably should be able to ignore it. If the court had police powers over the executive branch, then they wouldn’t be co-equal.

  4. Just a nuther way to loot the Treasury. Everything they do costs us a LOT of money just as Cloward-Piven told them to do…. and this one has a spin-off benefit! If you owed money on a student loan that hasn’t been forgiven, how motivated are you going to be to make one more payment knowing that it might be forgiven in the next wave? And considering the lack of enforcement in this administration, how worried are you that not making a payment will result in any penalty?

    Sooooo…The debt simply goes up!

  5. Have none of these debtors ever heard of living(and getting an education!)within their means?!!! I went to in-state colleges, one close to home for the first two years, then transferred to a university and worked while attending and owed nothing after graduating.

    Also, my husband and I paid down our home loan and are completely debt free. The house is modest but in a good location. No expensive cars, no credit cards. AND part of the time, it was on one income while I homeschooled our son. I learned to economize but apparently that’s just too hard for some people. So now WE have to pay THEIR debt off. 🤬

  6. What would be really good (it won’t happen) is if biden cancelled the debt, and then didn’t give any of the money to the colleges. I’d vote for that all day and all night.

  7. I wish people would stop giving credit for this stuff to that demented old pedo! You know everything is orchestrated by Sore Ass via o’fuckingbama!
    They just transferred the debt to the taxpayers! And probably found a way to profit from it as well!

  8. “This can’t possibly be legal. WTF!”

    SCOTUS has already said it’s unconstitutional. Biden said fuck you and did it anyway. And Congress is not doing jack shit about it.

  9. Conservative Cowgirl – My son’s generation (late 30’s) doesn’t know how to be frugal. I tried to teach them by example but they’re both obsessed with spending money! It’s taken me 73 years to enjoy spending money. And the rest of my life I was frugal even when I didn’t have to be. It was the principle of the thing – if you know what I mean. Waste not, want not. Stay focused on what you’re creating, not what you’re consuming.

    So many people here of the same bent. 🙂

  10. HEY! I am a student of TAXES! I figure I might live another 15 or so years. That being stated, how about tax forgiveness?
    FJB and everybody behind him….

  11. So glad I worked my butt off to get my husband through veterinary school and then my three boys through college debt free. If only I had known Joe was going to take care of it. Stupid me.

  12. Farm Wife – very astute. It’s NOT about debt! It’s about control of resources in the final outcome. This is why China is maneuvering to take North America. North America has more carbon than all the other continents COMBINED.

  13. @General Malaise, my son learned frugality from an early age, being homeschooled probably helped along with required reading of Thomas Sowell’s book ‘Basic Economics’. 😁 He is 31 and married now; his wife is very smart about money, too. They have a horse farm and they bought really old tractors (from the 50” and 60’s!)and a manure spreader to work the pastures, plus used trucks and a flatbed trailer from the ’90s for hauling. He does all of the repairs himself, learning a lot from local farmers. Plus, they both have jobs!

  14. If you want to see frugal, my grandparents raised their families during the Great Depression, and then rationing during WWII. Everything was used and reused until it was used up. If I walked out of a room and left a light on I heard about it. Grandma always used her teabags twice and usually had a few previously used Kleenex in her purse to wipe snot of the kid’s faces.


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