Obama and Biden oversaw billions in student loan forgiveness, review finds
By
Cami Mondeaux
October 24, 2024 3:55 pm
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EXCLUSIVE — A change in federal regulations for student loan forgiveness under the Obama and Biden administrations resulted in billions of dollars being wiped clean from borrowers’ records, according to a review by the Government Accountability Office.
The Department of Education has forgiven a cumulative total of $17.2 billion in federal student loans as of April 30, 2024, according to the report. A majority of those loans were discharged during the Obama and Biden administrations due to a change in federal regulations stemming from an uptick in applications beginning in 2015.
“When all you’ve got is a hammer, everything looks like a nail,” Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, told the Washington Examiner. For years, Democrat administrations have used illegal interpretations of the borrower defense law and other student loan schemes as tools to give the far left what it wants. Now, we’ve got the numbers to confirm it.”
Foxx decried the report’s findings, accusing the two Democratic presidents of engaging in “dramatic government overreach” and “complete disrespect” toward taxpayers.
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https://www.washingtonexaminer.com/news/white-house/3202170/obama-biden-billions-student-loan-forgiveness-review-finds/
