Biden Ruins Credit Score Of Young Americans

After promising to forgive anywhere from $10,000 to $20,000 dollars in student loan debt and then not doing it, President Biden and his administration is now warning about a “historically large increase” in people not paying their student loan debts on time.

According to Newsmax, The years-long pause on loan repayment which was sparked by the COVID-19 pandemic is expected to expire in December and there is still no decision on whether or not the government will wipe away up to $10-20k in debt for people.

Education Department Secretary James Kvaal explained, “Unless the [Education Department] is allowed to provide debt relief, we anticipate there could be an historically large increase in the amount of federal student loans delinquency and defaults as a result of the Covid-19 pandemic.”

Kvaal added, “This could result in one of the harms that the one-time student loan debt relief program was intended to avoid. The approximately 18 million borrowers eligible for one-time debt relief who would have their federal student loans discharged in their entirety under the program are at the greatest risk of defaulting.”

As you know Biden’s attempt to forgive student debt via executive action was met with massive legal issues. President Biden likely knew it was going to get overturned in court but he wanted to help Democrats win the midterms.