Even as the Trump inauguration nears, Biden continues to cause controversy, including with student loan cancellations.
On January 13, his Education Department announced yet another round of student loan forgiveness—this time, for more than 150,000 borrowers—bringing the Administration’s total number of individuals with student debt canceled to over 5 million.
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The Department of Education (DOE) on Wednesday announced the forgiveness of another $4.5 billion in student loans for over 200,000 borrowers at Ashford University, in one of the department’s final moves of the Biden administration.
President Joe Biden and his administration have attempted to clear out a massive amount of student loan debt for Americans who are still paying off their loans after 20 years, though some efforts have been curbed by the courts. However, they have successfully forgiven loans for over 5 million borrowers over the past four years.
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Vice President Kamala Harris gave a speech last week to accompany the release of her 82-page economic planning document. While her words were intended to evoke optimism, the implications of the plan are troubling for America’s future.
To begin with, the plan must be placed in context.
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The Supreme Court on Wednesday rejected a request to reinstate the Biden administration’s latest student loan forgiveness plan.
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As borrowing costs for student loans are already at unseen levels, rates are expected to rise even higher in the coming months to a high not seen in 16 years.
According to ABC News, the current interest rate on a federal undergraduate student loan, which is 5.5%, is expected to rise to 6.5% in July. This would mark the highest level since 2008. The borrowing rate for student loans is determined as a result of adding a fixed amount of 2.05% to the yield on the 10-year Treasury bond, which is set every May at an annual auction. On Wednesday, the 2024 auction saw 10-year Treasury bonds sold at a yield of 4.48%.
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