The rich white college-educated libs who don't wanna pay their debts are about to have a rude awakening.
From ABC News:
President Joe Biden's administration is scaling back his federal student loan cancellation program to protect against legal challenges, including two suits filed this week -- with new guidelines now excluding at least hundreds of thousands of borrowers initially told they qualified for the forgiveness.
On Thursday, the Department of Education quietly updated its instructions on who qualifies for the debt forgiveness program of up to $20,000 for some Americans. (NPR first reported the change.)
The new guidance excludes people who took out federal loans that, while they were guaranteed by the government, were technically handled by private banks. As of Thursday, those borrowers -- with Perkins loans and Federal Family Education Loans (FFEL) -- can no longer qualify for the forgiveness program.
Yeah, we've gone from 10,000 off the top for everyone who makes less than 125 grand, but now if you've borrowed from a private bank (even if the loan is backed by the government) Biden is not going to have your back.
The government doesn't want to give money to these banks, so you're still on the hook despite Biden's promise.
In a statement responding to the change, the Department of Education said it intended to provide relief "to as many eligible borrowers as quickly and easily as possible" -- indicating the shift in their guidance was intended to protect as much of the entire program as possible amid the legal challenges.
The Department of Education said it was continuing to "explore additional legally-available options to provide relief to borrowers with privately owned FFEL loans and Perkins loans, including whether FFEL borrowers could receive one-time debt relief without needing to consolidate."
There will still be FFEL and Perkins borrowers who do qualify for the relief, however, because anyone who had consolidated their education debt into federal direct loans before Thursday will still be eligible for the program -- a nuance that is expected to be litigated in court.
This is just the beginning.
Biden doesn't have actual authority to cancel loans. Even Nancy Pelosi has admitted that.
Prediction: If you continue to support Biden because he's going to cancel your debts, you're gonna be very disappointed.
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