(Molly Bruns, Headline USA) The Biden administration released a statement attempting to bribe voters by warning them that if Republicans succeed in the midterm elections, the 16 million student-loan debts that have already been forgiven would return.
“If Republican officials get their way, tens of millions of Americans’ monthly costs will rise dramatically when student loan payments resume next year,” the statement declared.
“Working and middle-class Americans who could have up to $10,000 or $20,000 of their student debt relieved under the Biden Administration’s plan will remain under the burden of loan debt — preventing them from pursuing the dream of homeownership, saving up for retirement, or starting small businesses.”
The highly controversial loan relief plan would cancel up to $10,000 of debt for individuals who earn less than $125,000, costing the taxpayers billions of dollars, the Daily Wire reported.
The U.S. Court of Appeals for the 8th Circuit temporarily halted the plan. By that point an estimated 26 million Americans had already applied for loan forgiveness. The court granted the stay while it examines a request for an injunction from six states hoping to block Biden’s program.
The states—Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina—claim that Biden did not have the right to enact this plan without approval from congress.
The president said the final step is department officials sending required paperwork to student loan service providers by the end of the week.
“The last step before the 16 million Americans can have their loan discharged,” Biden said.
Biden also accused Republicans of hypocrisy for their attempt to pause the program.
“Their outrage is just simply wrong,” he said. “And I might add… I’m not being too political here, but hypocritical.”
“My plan’s going to make a real difference lowering the monthly costs for families,” Biden said.
The top 20% of America’s wealthiest households owe one third of the country’s college loan debt. On the contrary, the bottom 20% of households only owe 8%, according to a report from the Brookings Institute.
