Just as many expected, President Joe Biden is trying to commit to a new version of student loan forgiveness right around election time. Obviously, anyone who thought critically knew that 1) Biden could not just forgive student loan debt because he technically doesn’t have the power to do that, and 2) we knew he would use this right around election time as a way to trick people into voting for Democrats. Biden was promising student loan forgiveness during the election of 2020 and people still have tons of loans – mostly thanks to criminally high interest levels.
Now Biden is coming up with his Plan B version of student loan forgiveness and, of course, there’s a lot of catches. It’s not like you’re going to wake up and be debt free. In fact, many people won’t even qualify for the loan forgiveness, and the amount they’re talking about forgiving won’t even make a dent in someone’s loans if they’ve accrued thousands in interest. If you asked me, then I’d say don’t forgive ANY loans, but instead – do something smarter and lower the interest rates and forgive the interest on people’s loans. The institutions ripping people off for interest are the problem, not the loan itself.
One thing I want to mention about the Joe Biden Plan B student loan forgiveness is that it wouldn’t even take effect until July of 2025, which means the Democrats are tricking people into votes once again. Joe’s 2020 campaign promised student loan forgiveness and here you are with no loan forgiveness. Now, once again, Joe Biden’s campaign is trying to promise student loan forgiveness and then they’ll make you wait until 2025 to get it – that means the Democrats are just tricking people into votes on another empty promise. Democrats had FOUR YEARS to forgive your student loans and they haven’t. If you believe them this time around, then you’re just a sucker. USA Today reported on Joe Biden’s Plan B for student loan forgiveness, saying the following:
More than 4 million student loan borrowers − many of whom have been paying down their debt for 20 years or more − could see their debt fully canceled under the proposal, according to the White House. In addition, more than 10 million borrowers could get $5,000 or more in relief.
Biden also hopes to eliminate interest past the original loan amounts of 23 million borrowers.
While experts say the regulations aren’t expected to fully take effect until July of next year at the earliest, the Department of Education is considering taking actions to expedite parts of the plan, which could bring relief to some borrowers as soon as this fall.
$5,000 is a joke. Many cities already offer student loan forgiveness of $5,000 if you work in a civil service job like being a nurse, teacher, etc. Don’t fall for the Democrat tricks again. They just say whatever they can to get your vote, then they do nothing afterwards.
