Dept. of Ed cancels $10B in student loans for public workers to set up Biden’s big announcement

Ahead of an expected announcement from President Joe Biden on student debt cancelation at the expense of taxpayers, Secretary of Education Miguel Cardona bragged about a program that looks to fall short of reaching half of its reported goal.

Having campaigned on a platform of government handouts, Biden is looking to make good on some of those promises in time to up Democrat favorability before the midterm elections. As previously reported, the president is expected to announce as early as Wednesday a plan to forgive up to $10,000 in student loan debt for borrowers making less than $125,000 annually.

Cardona hyped this agenda Tuesday, touting $10 billion in loan forgiveness achieved since expanding the Public Service Loan Forgiveness program in Oct. 2021.

“We’re committed to helping borrowers who choose to pursue careers in education, public health, social work, law enforcement, and other critical fields receive the benefits to which they’re entitled to for leading lives of service,” he said as part of a statement boasting about 175,000 individuals garnering debt relief.

“For far too long, teachers, nurses, veterans, government employees, and countless others dedicated to serving our country found Public Service Loan Forgiveness to be nothing more than an empty promise, and before President Biden took office, only 7,000 borrowers ever managed to qualify,” Cardona continued. “Today’s announcement that we’ve surpassed $10 billion in forgiveness for more than 175,000 public servants shows that the Biden-Harris administration’s efforts to cut red tape are turning the Public Service Loan Forgiveness program from a promise broken into a promise kept.”

In March, it had been reported that the policy changes to the 15-year-old PSLF had already allowed the Department of Education to identify nearly 100,000 newly qualified borrowers who had previously been ineligible for the benefits program. With an application period lasting through to Oct. 31, 2022, it was expected that more than half a million borrowers would be able to take advantage of the program.

However, as Cardona had pointed out, with just over two months remaining before the deadline, the program has failed to surpass 200,000 borrowers since its expansion. Even still, the efforts by the Biden administration to absolve borrowers of the outcomes of their decisions have already amounted to $32 billion in student debt being cleared as, in addition to the $10 billion from PSLF, $13 billion was canceled for borrowers who were reportedly taken advantage of by institutions and $9 billion was wiped “in total and permanent disability discharges.”

As they look to expand these programs, Biden’s anticipated announcement is set to blow those sums away with an estimated $300 billion in student debt loans cleared at the expense of the American taxpayer, many of whom will not benefit from such a handout and already sacrificed to pay off their own loans.

Even still, those who clamor for these kinds of benefits are saying the Biden administration has not gone far enough as demands for all student debt to be canceled circulated.

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