Education Secretary Linda McMahon said the Biden Administration “misled borrowers” when it canceled student loans.
Biden reportedly ‘canceled’ $136.6 billion in student loans – and forced average wage earners to pay for other people’s student loans.
“American taxpayers will no longer be forced to serve as collateral for irresponsible student loan policies,” Secretary of Education Linda McMahon wrote in an op-ed for The Wall Street Journal on Monday.
The Department of Education will begin collecting payments on defaulted student loans on May 5.
The new policy will impact an estimated 5 million borrowers who have not made any monthly payments since March 2020.
Federal student loan payments were halted in March 2020 because of the Covid pandemic. Payments were set to resume in October 2023, but millions of borrowers are still in default.
“The Biden Administration misled borrowers: the executive branch does not have the constitutional authority to wipe debt away, nor do the loan balances simply disappear. Hundreds of billions have already been transferred to taxpayers. Going forward, the Department of Education, in conjunction with the Department of Treasury, will shepherd the student loan program responsibly and according to the law, which means helping borrowers return to repayment—both for the sake of their own financial health and our nation’s economic outlook,” McMahon said.
This is so much fun! I paid off all of my debt after nearly 20 years – all by myself – hard work and long hours. Now I go on YouTube and watch all the videos of these crying goofballs blaming everyone but themselves as they realize that, yeah, you really do have to pay back a loan!
Why are they any different or better than us working stiffs that have to pay our bills???