Student Loan Forgiveness Email from President Biden
President Joe Biden's administration is sending emails to over 150,000 borrowers claiming their federal student loans will be forgiven, but in reality, the debt is being transferred to taxpayers under the SAVE plan. The plan offers debt forgiveness to borrowers who have been in repayment for as little as 10 years and took out $12,000 or less in loans.
Key Points
- Emails sent to 153,000 borrowers claiming federal student loan forgiveness under the SAVE plan
- Debt forgiveness for borrowers in repayment for 10 years with $12,000 or less in loans
- Biden administration's previous $430 billion debt transfer plan was rejected by the Supreme Court
Pros
- Debt forgiveness for borrowers who have been in repayment for as little as 10 years
- Relief for borrowers with $12,000 or less in student loans
- Aims to make higher education more accessible
Cons
- Debt transferred to American taxpayers
- Previous debt transfer plan by Biden administration was struck down by the Supreme Court
- Criticism for prioritizing elite college graduates