Biden Admin. to Cancel $1.2B in Student Debt for 153K Borrowers

    Biden Admin. to Cancel $1.2B in Student Debt for 153K Borrowers
    Photo: Paul Morigi/Getty Images Entertainment for We the 45m via Getty Images

    The Facts

    • The Biden administration on Wednesday announced its plans to forgive $1.2B in student loan debt for nearly 15Kk borrowers under its Saving on a Valuable Education (SAVE) plan.

    • People enrolled in the SAVE plan who borrowed $12K or less and have been paying their loans for at least 10 years qualified for loan forgiveness. Those who had their debts canceled received an email from the administration informing them that they essentially were debt-free.


    The Spin

    Democratic narrative

    After the conservative Supreme Court struck down Pres. Joe Biden’s comprehensive loan forgiveness plan, the administration has worked to bring desperately needed relief to as many borrowers as possible. Under the SAVE plan, the Biden administration has provided relief for nearly 4M borrowers, including those who are public servants or are struggling financially. Biden is committed to helping borrowers navigate their student loans, and he will continue to fight for all people looking to repay their debts.

    Republican narrative

    Joe Biden isn't even trying to hide the fact that he is essentially bribing millions of Americans into voting for him by canceling their student loan debt. Everyone knows that debt doesn't just disappear, and Biden is shamelessly using taxpayer funds to aid his flailing re-election bid. Biden's email on Wednesday gives the game away, and he should be working to help all American workers instead of trying to buy the votes of a certain group who can't pay the loans that they took out.

    Nerd narrative

    There is a 50% chance that the US student loan debt bubble will “pop” by Sept. 2037, according to the Metaculus prediction community.


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