President Joe Biden has again worked with administration officials to redistribute student loan debt belonging to wealthy degree holders to Americans taxpayers, most of whom never went to college.
"Every American deserves the opportunity to pursue a college education without the burden of unmanageable student loan debt. President Joe Biden and I are committed to delivering relief to student loan borrowers. Today, we are announcing the new SAVE Plan – a new repayment plan that will save the typical borrower around $1,000 a year," Biden released in a statement Tuesday morning, outlining a Marxist reallocation plan based on income.
Today, I'm proud to announce a new student debt repayment program called the SAVE Plan.
— President Biden (@POTUS) August 22, 2023
It's the most affordable student loan plan ever. And a promise kept in fixing the existing student loan program.
Let me explain how it works: pic.twitter.com/sXGdUPoOcb
"The SAVE plan upholds the promise we make to those seeking a quality education. Monthly payments will be based on income, rather than their total student loan balance. In addition, as long as you make the monthly payments required under your plan, your loan balance will no longer grow because of unpaid interest – making sure that you make progress on paying down your debt," he continued.
According to Fox Business, the new plan will cost taxpayers $276 billion.
The move comes after the administration announced an additional round of bailouts earlier this month and in defiance of a recent Supreme Court ruling on the issue.
This week, 804,000 borrowers who have been in repayment for over 20 years will start to see their student debt cancelled. Over 614,000 of them will have all of their remaining federal student loan debt cancelled through this action. https://t.co/4q17tEnWlz
— Karine Jean-Pierre (@PressSec) August 15, 2023