Biden Debt Disaster: $132 Billion Student Loan Debt Cancellation

Biden Student Debt Cancellation

EDITOR'S NOTES

In a move reeking of fiscal irresponsibility, the Biden administration has decided to forgive nearly five billion dollars in additional student loan debt. This decision, emblematic of a troubling trend of governmental overreach and economic mismanagement, casts a long shadow on the nation’s financial future. By saddling taxpayers with this colossal burden, the administration is not solving the student debt crisis but exacerbating it, steering the country towards an unsustainable path fraught with economic instability and fear.

The Biden administration has canceled approximately $132 billion in debt for more than 3.6 million Americans

The Biden administration on Wednesday announced an additional $4.8 billion in student loan debt relief, affecting more than 80,000 borrowers. 

The announcement brings the total approved debt cancelation by the Biden administration to nearly $132 billion for more than 3.6 million Americans. 

"Before President Biden took office, it was virtually impossible for eligible borrowers to access the student debt relief they rightfully earned," U.S. Secretary of Education Miguel Cardona said in a statement. 

"The data released today once again make clear that the Biden-Harris Administration’s relentless efforts to fix the broken student loan system are paying off in a big way… This level of debt relief is unparalleled and we have no intention of slowing down."

Originally published by: Bradford Betz on FOX Business

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