President Biden never had the authority to forgive student loans, but he did it anyway. The people who took out those loans got a nice break (at the expense of the taxpayers) that is now coming to an end.<\/p>\n
On Friday, The Epoch Times<\/a> reported:<\/p>\n Millions of student loan borrowers who thought they wouldn\u2019t have to pay back their student loans under former President Joe Biden\u2019s loan forgiveness plan found out March 27 they will have to start making payments on the money they borrowed.<\/strong><\/p>\n The U.S. Department of Education began notifying 7.5 million borrowers on March 27 who enrolled in Biden\u2019s \u201cSaving on a Valuable Education\u201d (SAVE) plan that they must exit the plan and enter a new federal repayment plan.<\/strong><\/p>\n \u201cToday\u2019s guidance, which every borrower enrolled in the defunct SAVE plan will receive over the next week, puts the Biden Administration\u2019s illegal student loan bailout agenda to rest once and for all,\u201d said Under Secretary of Education Nicholas Kent. \u201cFor years, borrowers have been caught in a confusing cycle of uncertainty, but the Trump administration\u2019s policy is simple: if you take out a loan, you must pay it back.\u201d<\/strong><\/p>\n The article notes:<\/p>\n The debt relief ended in spring 2024, when a federal district court intervened to stop further debt discharges.<\/strong><\/p>\n Estimates found the plan would have cost taxpayers more than $342 billion over 10 years, according to the Education Department.<\/strong><\/p>\n The settlement between the Education Department and the state of Missouri was approved by a court, ending the SAVE plan. As part of the settlement, the department will not enroll any new borrowers in the plan, deny any pending applications, and move all borrowers into new repayment plans.<\/strong><\/p>\n Starting July 1, federal loan servicers will start notifying borrowers and telling them how to exit the SAVE plan and enroll in a legal repayment plan.<\/strong><\/p>\n If college is supposed to help young people become adults, it should also teach them to live up to their responsibilities. They took out the loans; they should pay them back.<\/p>\n","protected":false},"excerpt":{"rendered":" President Biden never had the authority to forgive student loans, but he did it anyway. The people who took out those loans got a nice break (at the expense of the taxpayers) that is now coming to an end. On … Continue reading