New York Post
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Joe Biden announces new student loan bailout
Posted
April 8, 2024
Views
11,269
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111
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April 8, 2024
11,269
111
254
3.24%
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0:42Now PlayingPresident Biden and Vice President Kamala Harris were visiting Wisconsin and Pennsylvania, respectively, Monday to tout multibillion-dollar giveaways to tens of millions who took out loans to pay for college — earning blowback from congressional Republicans who say the scheme could cost US taxpayers more than half a trillion dollars.
The White House announced a new student loan plan that would cancel debt for 4 million borrowers, provide $5,000 in debt relief to more than 10 million and cut any accrued interest for another 23 million borrowers.
“Thanks to our unapologetic commitment to provide relief to as many borrowers as possible as quickly as possible, our regulatory efforts would help tens of millions more borrowers find financial breathing room — and help fix our country’s broken higher education system,” Education Secretary Miguel Cardona said in a statement.
The Department of Education has helped cancel $146 billion in student debt for 4 million people through executive actions, the White House added.
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