It looks like Joe Biden just realized that there's an election coming up soon, since he's decided to accelerate his student debt cancelation plans.
Nearly six months ahead of schedule, Biden is going to begin canceling student debt for low-level borrowers starting in February.
I think maybe Biden forgot that the Supreme Court already said that it was illegal for him to cancel student loans. At least on a mass scale.
But this is a DIFFERENT plan to cancel debts. A little less extreme.
So, I guess it's totally okay?
Borrowers will be eligible for cancellation if they are enrolled in the new SAVE plan, if they originally borrowed $12,000 or less to attend college, and if they have made at least 10 years of payments. The Education Department said it didn't immediately know how many borrowers will be eligible for cancellation in February ...
The new repayment plan offers far more generous terms than several other income-driven repayment plans that it's meant to replace. Previous plans offered cancellation after 20 or 25 years of payments, while the new plan offers it in as little as 10. The new plan also lowers monthly payments for millions of borrowers.
It's almost like Biden realized there was an election coming up and millions of Americans can easily be bought off for their vote.
"I am proud that my Administration is implementing one of the most impactful provisions of the SAVE plan nearly six months ahead of schedule," President Biden said in a Friday statement.
"Today's announcement gives borrowers an even greater reason to check out the SAVE plan and find out if they may qualify for earlier debt relief," Education Secretary Miguel Cardona said in a press release.
They'll continue forward with this plan because there's no one willing to stand in the way.
It's pretty brazen at this point.
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