White House announces new stu­dent loans moves and defends high cost to tax­pay­ers

White House announces new student loans moves and defends high cost to taxpayers

The White House and Depart­ment of Edu­ca­tion announced that anoth­er $7.4 bil­lion in fed­er­al stu­dent loans owed by 277,000 bor­row­ers will not have to be repaid, bring­ing the total to $153 bil­lion in for­giv­en stu­dent loans announced since last sum­mer.
“Thanks to all the actions tak­en by the Biden admin­is­tra­tion, near­ly 4.3 mil­lion bor­row­ers have been approved for debt can­cel­la­tion,” press sec­re­tary Karine Jean-Pierre said on a call with reporters.
While the White House wants to see that num­ber con­tin­ue to rise, any debts that loa­nees do not repay fall on tax­pay­ers. In addi­tion to the $153 bil­lion in loan write-offs, the Depart­ment of Edu­ca­tion has announced the Sav­ing on a Valu­able Edu­ca­tion, or SAVE, plan to dras­ti­cal­ly reduce the amou …