Biden says 16M student debt relief applicants to be approved this week

[mystery-ak]

 Biden says 16M student debt relief applicants to be approved this week
by Alex Gangitano - 11/03/22 4:42 PM ET

President Biden on Thursday said that 16 million Americans who applied for the student loan debt program will be approved by the end of the week, the last step before they begin receiving forgiveness checks.

“By the end of this week, the Department of Education will have approved applications of 16 million Americans and sent the necessary paperwork to student loan servicers — the last step before the 16 million Americans can have their loan discharged,” Biden said in remarks at the Central New Mexico Community College in Albuquerque, N.M.

Those 16 million people “should be seeing relief in the coming days,” he said, while noting that the program is on a temporary hold because of legal challenges.

He blamed Republicans for the halt, adding that “their outrage is just simply wrong, and I might add … I’m not being too political here, but hypocritical.”

A legal ruling halted the administration from disbursing relief while a federal appeals court considers a challenge from six Republican-led states. Biden previously predicted checks would arrive in coming weeks and that his administration would win the court case.

The plan is set to forgive up to $10,000 in federal student loan debt for borrowers earning under $125,000 and as much as $20,000 for borrowers who received Pell Grants.

more
https://thehill.com/homenews/administration/3718495-biden-says-16m-student-debt-relief-applicants-to-be-approved-this-week/

[Smokin Joe]

Pretty transparent for a midterm vote buying scheme. I just hope the ones soaking up taxpayer money realize they won't even have to vote democrat to get the money.

[Hoodat]

So where is Biden getting the money to cover these payoffs?  Congress hasn't appropriated a single dime to cover it.

[The_Reader_David]

So where is Biden getting the money to cover these payoffs?  Congress hasn't appropriated a single dime to cover it.

There are no payoffs to cover.  The debts discharged simply increase the money supply.  The notion that "the taxpayers" are the ones who get screwed by this policy has always been both false and bad politics.  Everyone residing in the United States and everyone holding dollar denominated assets gets screwed because it is not being paid for at all, it's inflating the money supply.  Pretending it's only the taxpayers only gets taxpayers angry.  The people who should be angriest about this are people who don't earn enough to pay Federal income tax, who are the ones the resulting inflation will hurt the most.  (Well that's only anger based on it being a bad policy.  There's also the well of anger all of us who love the American Constitution feel about this trampling on the separation of powers.)