Tag: SAVE plan

Biden Cancels Another $1.2 Billion in Student Loan Debt

Pennsylvania Daily Star Staff

In yet another move circumventing the Supreme Court on the question of student loan debt, Joe Biden announced the cancellation of approximately $1.2 billion in student loan debt for about 153,000 borrowers.

As reported by ABC News, the Biden Administration made the cancellation official on Wednesday, including a draft email that will be sent to all of the borrowers in question. The email will read, in part: “Congratulations — all or a portion of your federal student loans will be forgiven because you qualify for early loan forgiveness under my Administration’s SAVE Plan.”

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Commentary: Loan Forgiveness Hurts Taxpayers

Pennsylvania Daily Star Staff

A few weeks ago, I argued the Biden Administration would use the new SAVE plan to enact student loan forgiveness with or without the approval of the Supreme Court. Since then, the administration has announced details which highlight the SAVE plan offers even more generous forgiveness terms.

This talk about student loans has brought about a question for Ask an Economist this week. Garrett from Ohio says,“One of the most prominent arguments against student loan forgiveness is that the borrowers are forcing the greater population to pay off their debts for them.

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