Netizens are trending “$ 400 billion” on Twitter after the U.S. President, Joe Biden cancels $400 billion of Student loans.
Speaking of headlines….$400 Billion cancelled- LEGALLY… what else ya got? pic.twitter.com/kcBTLFmuyB
— Justice for Justin 💛🐝⚖️🍑 (@ish_not) July 31, 2022
You are as dishonest as the day is long.
$400 billion in unrelated spending is exactly why Republicans voted against this bill.
You Democrats do this regularly. You propose a bill that they'll go along with…then you sneak in something that you can spin to an advantage. https://t.co/K8BYlnZDK1
— Kevin Barnard (@KevyB1990) July 31, 2022
According to a top Republican in Congress on Thursday, Biden has canceled $400 billion of student loans.
The top Republican on the House Committee on Education and Labor’s representative, Virginia Foxx has written that Biden has already approved $400 billion of wide-scale student loan cancellation with the “stroke of a pen.”
Student loan borrowers have received $150 billion of student loan cancellation through the student loan payment pause. The student loan payment pause and the revised public service forgiveness rules equate to $400 billion in student loan cancellation.
Broad student loan cancellation will result in a more inflation-filled deficit spending.
College tuition will continue to increase as colleges and universities are aware that there could be future student loan forgiveness. At the same time, Biden has used student loan forgiveness to offer retroactive free college for high-income households that hold 60% of the student loan debt being forgiven.
Foxx says that the limited surrender for student loan forgiveness will cancel $211 billion of student loans for more than 4 million student loan borrowers, many of whom were never eligible for student loan forgiveness.
