Biden’s Student Loan Scam Exposed
Get a load of this.
President Biden promised millions of Americans that he would eliminate a significant portion of their student loan debt. Then after the midterm elections the rhetoric changed due to what they called “legal complications”. Liberals defended Joe Biden and blamed the Republicans for stopping him from forgiving debt but President Biden likely knew all along that he didn’t have the power to forgive student loan debt.
Now, it looks like President Biden and the Democrats have changed their game plan again and are saying they have a different way to help Americans struggling with student loan debt.
According to The Hill, The Biden administration has proposed a plan to lower the cost of monthly student loan bills depending on an individuals income. The new plan that Biden is pushing is now called an income-driven repayment (IDR) plan which could result in some Americans paying $0 back in student loan debt.
President Biden’s Department of Education explained that an individual earning under roughly $30,500 annually will have to pay $0 in monthly payments. The same rule applies to a borrower who makes less than $62,400 and lives in a family of four.
American student debt holders who earn more than those amounts could see their per month payments also reduced by half by requiring that 5 percent of their discretionary income be paid towards their student loan debt sum instead of the traditional 10 percent.
President Biden’s Education Secretary Miguel Cardona says they are doing everything in their power to “fix” the current broken system Americans are dealing with.
“We cannot return to the same broken system we had before the pandemic, when a million borrowers defaulted on their loans a year and snowballing interest left millions owing more than they initially borrowed,” Cardona stated.
