Biden isn’t happy that Donald Trump won reelection. That’s why he’s working to make life as difficult as possible for the president-elect.
And Joe Biden has gone rogue in an attempt to cause utter chaos before Trump takes office.
Biden Races to Cancel More Student Debt Before Leaving Office
President Joe Biden is making a final push to cancel additional student debt before his term ends, following years of legal and political hurdles in his quest to erase billions of dollars in borrowed funds.
In a notable move, the Department of Education recently introduced an interim final rule to give borrowers more time to enroll in long-term repayment programs.
The proposed rule would amend the Income Contingent Repayment (ICR) plan, extending the enrollment deadline from July 2024 to July 2027. Under these programs, borrowers can have their remaining debt forgiven after 20 years of on-time payments.
However, the timeline raises concerns about feasibility. The new regulations are set to take effect in July 2026, leaving room for the incoming Trump administration to potentially block or modify any measures introduced during Biden’s term.
This announcement follows another proposed rule unveiled by the Biden administration earlier in the month. If finalized, it would allow one-time debt forgiveness for borrowers deemed to have an 80% likelihood of failing to repay loans based on a predictive analysis of existing data.
Meanwhile, in October, Biden’s team announced a $4.5 billion debt relief plan for over 60,000 public service workers.
Biden’s campaign to alleviate student debt has faced significant resistance. During his 2020 presidential run, he pledged widespread loan forgiveness, promising up to $10,000 in relief for most borrowers and up to $20,000 for Pell Grant recipients earning less than $125,000 annually.
This plan, projected to cost over $400 billion, faced a major setback in June 2023 when the Supreme Court ruled that the education secretary lacked the authority to cancel $430 billion in debt.
Despite the ruling, Biden introduced a revised plan targeting debt relief for approximately 30 million Americans.
This plan included forgiving up to $20,000 in interest for borrowers who owe more than they initially borrowed and clearing debts for individuals who have repaid undergraduate loans for two decades or more.
As the transition to a new administration looms, questions remain about how these initiatives will fare.
President-elect Donald Trump has not outlined a detailed approach to Biden’s forgiveness programs but has indicated plans to overhaul the education system.
Former Secretary of Education Betsy DeVos has been critical of Biden’s efforts. “There is every argument for if the taxpayers are going to be funding student lending, there better be ways to oversee it and actually do it effectively and efficiently,” she said in a recent interview with Fox News Digital.
“It is a huge mess, and it needs to be rethought and re-examined, and frankly, the private sector, private sector lending needs to come back into it and be an option.”
As Biden’s term winds down, his push for student debt cancellation remains a focal point of his administration, though its future under a new administration hangs in the balance.
It’s also a chance for Joe Biden to get one more so-called victory for his legacy before Donald Trump enters the White House in January.
Stay tuned to The Federalist Wire.
