Norman stated that Biden only thinks about “spending money.”
Norman stated that Biden’s loan forgiveness takes someone’s debt and gives it to someone who either didn’t go to college or who paid off their college debts.
On June 30, in a 6-3 ruling, the Supreme Court stated Biden’s plan to forgive $430 billion in student loans for up to 43 million borrowers was unconstitutional due to the plan’s writing off the debt without the approval of Congress. After the Supreme Court ruled Biden’s first plan for student loan forgiveness was unconstitutional, he released details of another attempt to forgive student loans on July 14.
Biden’s latest plan, Saving on a Valuable Education, involves canceling $39 billion in federal student loans for 804,000 borrowers. Education Secretary Miguel Cardona stated that student loans will be canceled for those borrowers who have been making payments for either 20 or 25 years, depending on when the loan originated. For those who borrowed less than $12,000, the debt would be forgiven after making payments for 10 years. Those who earn the minimum wage would have their monthly payments eliminated. Students who attend a community college would not have to repay loans. The plan is set to go into effect on July 1, 2024. The administration is calling the plan a “fix” to income-driven repayment plans, saying it addresses a “broken system.”
The latest move is expected to cost taxpayers about $475 billion over the next 10 years.
Norman is not the only politician speaking out against Biden’s latest plan. North Carolina Rep. Virginia Foxx called this latest “political attempt to circumvent the Supreme Court” move “shameful.” Foxx added that Biden is set on ruining the financing system for postsecondary education “for a few votes” in November 2024. Louisiana Sen. Bill Cassidy said the latest plan is “unfair.”
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