Biden Transfers $7.7 Billion In Student Loans To Hard Working Americans

On Wednesday, the Biden White House once again announced student loan forgiveness for 160,000 borrowers, totaling $7.7 billion that will be transferred to taxpayers. The debt relief came via the Saving on a Valuable Education (SAVE) plan, an income-driven repayment plan, and the Public Service Loan Forgiveness, bringing the total canceled student debt for five million Americans to $167 billion.

"From day one of my administration, I promised to fight to ensure higher education is a ticket to the middle class, not a barrier to opportunity," President Joe Biden said in a statement. "I will never stop working to cancel student debt — no matter how many times Republican-elected officials try to stop us."

The Biden administration outlined that 54,000 borrowers will be impacted through the administration's new income-driven repayment plan, 67,000 borrowers will have their loans forgiven through Public Service Loan Forgiveness, and 34,000 will have their loans forgiven through earlier income-driven repayment plans.

Despite the Supreme Court ruling that President Biden's actions to attempt to relieve $430 billion of student loans last year was unconstitutional, the White House has been pursuing other avenues to attempt to win over young, progressive voters by eliminating their loans and putting the burden on hard-working American taxpayers.

Earlier this year, Republican-led states filed a lawsuit against the Biden administration to challenge the president's SAVE Plan, which was launched in 2022 and has forgiven loans for over 150,000 Americans. Kansas Attorney General Kris Kobach, who is leading the effort, explained during a press conference that Biden lacks the authority to take unilateral action on the issue. "In a completely brazen fashion, the president pressed ahead anyway," Kobach said, per The AP. "The law simply does not allow President Biden to do what he wants to do."

As President Biden continues to defy the Supreme Court and seek every action possible to forgive student loans without Congress' approval, young voters seemingly aren't willing to accept the bribe. A recent CNN poll found that the president's support among 18 to 34-year-olds has taken a devastating hit from his 2020 campaign, with Trump actually leading Biden by 11 points among the demographic.

As the Biden White House continues to find workarounds to forgive student loan debt, the burden on taxpayers will continue to grow. The Biden administration is putting the interest of young borrowers, some of whom participated in anti-Israel protests on college campuses, ahead of the hard-working Americans who used to be the bedrock of the Democrat coalition but who are instead fleeing to Donald Trump en masse.

You can follow Sterling on X/Twitter here.

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