Biden Uses Loophole for Defiant Last Act on Student Loans — As Total Forgiveness Cost Hits $183 Billion – EVOL

In his final hours at the White House, President Joe Biden announced the cancellation of student debt for another 150,000 borrowers.

While he was unable to deliver on his promise of broad student loan forgiveness, President Biden has overseen the cancellation of student debt for more than 5 million Americans – more than any other president in US history.

In the last-minute move on Monday, the Education Department wiped out the loans by utilizing programs that were already in place before Biden took office.

His administration expanded those programs and used them to their fullest extent, pressing on with cancellation even after the Supreme Court rejected Biden’s plan for a new forgiveness policy.

‘My Administration has taken historic action to reduce the burden of student debt, hold bad actors accountable, and fight on behalf of students across the country,’ Biden said in a written statement.

Critics said he had used the existing programs to create a loophole to get round the court’s ruling.

In total, the administration says it has waived $183.6 billion in student loans.

The wave of cancellation could dry up when President-elect Donald Trump takes office. Trump hasn’t detailed his student loan policies but previously called

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