Joe…Stop It…Just Stop It…He Can’t Stop Canceling Student Loans
Biden is at it again! He just can’t stop canceling student loans. The Department of Education said Tuesday that it will cancel $3.9 billion in student loan debt for 208,000 students.
All the students attended the now-defunct for-profit ITT Technical Institute.
Do you want to see the total of loans canceled under the presidency of Joe? It amounts to $32 billion. Who says there’s no free lunch?
Some of the former ITT Tech students were already eligible for debt cancellation, but that wasn’t enough for Joe. Now there is just one easy pathway for all the students that attended the school from 2005 to its closure in 2016.
Why did ITT Tech shut down? Because the government pulled the plug on federal funding and the school couldn’t prove it met the accreditation standards.
“It is time for student borrowers to stop shouldering the burden from ITT’s years of lies and false promises,” said Secretary of Education Miguel Cardona in a statement Tuesday.
“The evidence shows that for years, ITT’s leaders intentionally misled students about the quality of their programs in order to profit off federal student loan programs, with no regard for the hardship this would cause,” he added.
Biden is not done yet. He has more loans to cancel. The president is expected to announce by the end of August whether he will more broadly cancel student loan debt for the 43 million federal student loan borrowers.
Senate Majority Leader Chuck Schumer and Massachusetts Sen. Elizabeth Warren have been challenging Biden to cancel $50,000 per borrower.
Biden has also extended the pandemic-related pause on federal student loan payments several times. Borrower balances have effectively been frozen for more than two years, with no payments required on most federal student loans since March 2020. During this time, interest stopped accumulating and collections on defaulted debt have been on hold.
Joe, stop the craziness, please.