Department of Education announces another $7.4 billion in debt transfers, total surpasses $150 billion.
owed by 277,000 borrowers will not have to be repaid, bringing the total to $153 billion in forgiven student loans announced since last summer.
While the White House wants to see that number continue to rise, any debts that loanees do not repay fall on taxpayers. In addition to the $153 billion in loan write-offs, the Department of Education has announced the Saving on a Valuable Education,“We believe that this is providing critical breathing room for borrowers,” an administration official responded.
But Republicans argue the concept is unfair to those who never went to college, never took out loans, or paid them off and further hold that the president has no authority to spend money without approval from Congress.“Republican elected officials across 18 states want to prevent their own constituents from benefiting from the SAVE plan,” she said. “They want to end SAVE, make their constituents’ monthly payments go up, and keep them under mountains of loan debt with no end in sight.
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