WASHINGTON – President Biden has announced a plan to forgive student loans by taking money away from hard working Americans who earned it and giving it to students who took out loans for their education.
That's the definition of socialism.
Here are details of the plan provided by Whitehouse.gov:
The U.S. Department of Education will provide up to $20,000 in debt cancellation to Pell Grant recipients with loans held by the Department of Education and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 or $250,000 for households.
In addition, borrowers who are employed by non-profits, the military, or federal, state, Tribal, or local government may be eligible to have all of their student loans forgiven through the Public Service Loan Forgiveness (PSLF) program.This is because of time-limited changes that waive certain eligibility criteria in the PSLF program. These temporary changes expire on October 31, 2022.
The Administration will also extend the pause in student loan payments a final time through December 31, 2022, with payments resuming in January 2023.
According to a Fox News report, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion for taxpayers.
This is a developing story.