Joe Biden has made countless promises – and many were promised to get him into the Oval Office. One of the biggest? He’d pay off student loans. If you have been overwhelmed by student loans, you have even voted for him. After all, what’s the big deal if we have a Democratic President in place for four years if you don’t have to worry about student loans?
Hey, we get it.
Unfortunately, Biden has not been able to deliver on his promise.
He wasn’t sure if he wanted to wipe out student loans entirely. Much of this comes from the pushback from Americans who already paid off their loans. It’s not as if the federal government would just reimburse those who worked hard to get the debt repaid.
So, Biden promised $10,000 off of the student loan debt for each American – and $20,000 for those with Pell Grants.
Republicans immediately jumped in to say that it wasn’t his place to forgive that kind of debt. It would need to get passed through Congress.
And so, it’s been hung up in the Supreme Court for months.
SCOTUS has finally made their decision: Biden does not have the authority. Perhaps it’s because this kind of bold forgiveness would cost American taxpayers $400 billion.
Biden claims he will come up with a “new path” for loan forgiveness, but it could take months.
Don’t hold your breath. The reality is that you will still (most likely) be required to make your student loan payments. And the COVID-era loan forbearance ends in September, which means payments are due again in October.
Still, Biden tries to give everyone a false sense of hope. “I’m never going to stop fighting for you. We’ll use every tool at our disposal to get you the student debt relief you need and reach your dreams. It’s good for the economy, it’s good for the country.”
Sorry, but $40 billion in loan forgiveness is not good for the economy.
Basically, you’ve got three months to get your affairs in order so you can start paying back those student loans, if you have any.
