President Joe Biden touted his latest round of student loan debt relief Wednesday in California and promised to continue sending emails to qualifying borrowers alerting them that they are eligible for forgiveness through his various debt programs.
Both the president and Vice President Kamala Harris have campaigned heavily on their student debt initiatives in the face of waning support among young voters, yet Republicans have openly accused Biden of trying to buy votes with the programs ahead of the 2024 election.
Biden’s initial attempt to extend $10,000 blanket forgiveness to student loan borrowers was ultimately struck down by the Supreme Court in 2023, but his administration has continued with multiple “Plan B” initiatives in the following months. In total, Biden has extended $138 billion in student loan debt relief for nearly 3.9 million borrowers since entering office, though not all of those borrowers have yet been made aware that their debts have been forgiven. Officials say the administration will continue to reach out directly to borrowers who qualify for Biden’s student loan relief programs and plans to announce similar waves of debt forgiveness in the future.
“When Kamala and I ran to lead this country, we made a commitment to fix our broken student loan system. It was one of the things we both talked about at the beginning because while a college degree is still a ticket to a better life, that ticket is too expensive, and too many Americans are still saddled with unsustainable debt in exchange for a college degree,” Biden opened his remarks on Wednesday. “My administration has taken significant action to provide student debt relief to so many borrowers, many of whom didn’t know they’re able to get out and do it as quickly and as low as possible.”
Wednesday’s announcement itself affects some 153,000 borrowers owing $1.2 billion, all of whom are eligible for shortened debt forgiveness under the “Plan B” debt plan Biden unrolled following the Supreme Court’s decision, a full six months ahead of the president’s previously announced schedule, according to senior administration officials.
That backup initiative, the Saving on a Valuable Education Plan, has seen roughly 7.5 million borrowers enroll since the White House announced the program last fall, with more than half of them qualifying for $0 minimum monthly payments.
“This is the kind of relief [that] can be life-changing for individuals and for their families, and it’s good for the economy as a whole,” Biden concluded. “I’m proud to have been able to give borrowers, like so many of you, the relief you earned. I promise you I’m never going to stop fighting for hardworking American families, so if you qualify, you’ll be hearing from me shortly.”
The Republican National Committee, however, put out a statement ahead of Biden’s speech framing his debt plan as a political power grab.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
“Over 60 percent of Americans don’t have a college degree, but Joe Biden wants hardworking taxpayers to foot higher education bills for the elite few,” RNC Chairwoman Ronna McDaniel claimed. “Meanwhile, families are struggling with lower real wages, higher prices, and more credit card debt than they were four years ago. In Biden’s desperate attempt to use your money to buy votes, American families are left behind.”
You can watch Biden’s remarks in full below.