Joe Biden’s newest student loan bailout scheme called the “Save Plan,” has raised serious concerns among Americans.
Fox News recently reported on the plan, which was announced by Education Secretary Miguel Cardona on Tuesday.
This comes after a Supreme Court ruling in June that declared his massive forgiveness of student loans last August unconstitutional.
As Cristina Laila reported in August, a federal appeals court also dealt Biden a serious blow when it blocked a rule allowing borrowers to obtain relief from their loan obligations if they were victims of misinformation from colleges and universities.
These incidents raise questions about Biden’s motives and suggest that he is ignoring judicial authority for political gain.
Despite the Biden administration’s claims, many have expressed skepticism about the president’s “Save Plan.”
They argue that such a plan is a form of debt forgiveness and could be financially devastating to taxpayers. Furthermore, there are questions surrounding the legitimacy of circumventing Congress to make such sweeping changes to student loan repayment plans without due process or oversight.
As long as you pay what you owe under this plan, you’ll no longer see your loan balance grow because of unpaid interest. Under the SAVE Plan, monthly payments are based on your income, not your student loan balance.
Today, I'm proud to announce a new student debt repayment program called the SAVE Plan.
It's the most affordable student loan plan ever. And a promise kept in fixing the existing student loan program.
Let me explain how it works: pic.twitter.com/sXGdUPoOcb
— President Biden (@POTUS) August 22, 2023
Cardona also crowed about the Biden regime’s latest assault on the rule of law.
The SAVE plan is another huge step forward in President Biden’s tireless efforts to fix the broken student loan system, reduce the burden of student debt on working families, and put borrowers first.
This new bailout scheme proposed by the Biden administration has been met with fierce opposition from the Supreme Court, and for good reason. Not only does it defy the judicial system, but it would come at a tremendous cost to taxpayers.
According to the nonpartisan Committee for a Responsible Federal Budget, this plan could cost up to $276 billion – an already substantial amount that could be even higher due to the potential of government cost overruns on projects such as this one.
We can only hope that the courts remain steadfast in their decision and reject this bailout scheme.