Biden admin to forgive student loans of 40,000

Democrats often disincentivize fiscal responsibility and diligence. President Joe Biden’s administration takes that terrible tendency to a whole new level with its latest move.

The Department of Education announced a program Tuesday that will forgive 40,000 borrowers of their student debt while reducing that amount owed by another 3.6 million, the Daily Caller reported. The amount forgiven will be based on an income to debt ratio.

Those thousands will have their slate wiped clean while the millions could have three years chopped off the life of their loans even though they chose to borrow in the first place. Many will be allowed to participate in an income-driven repayment plan if their debt is more than what they earn per year.

Other borrowers could have their debt completely forgiven after making monthly payments for 20 to 25 years. “Student loans were never meant to be a life sentence, but it’s certainly felt that way for borrowers locked out of debt relief they’re eligible for,” Miguel Cardona, Secretary of Education, said in the DOE press release.

“Today, the Department of Education will begin to remedy years of administrative failures that effectively denied the promise of loan forgiveness to certain borrowers enrolled in IDR plans,” Cardona boasted. “These actions once again demonstrate the Biden-Harris administration’s commitment to delivering meaningful debt relief and ensuring federal student loan programs are administered fairly and effectively,” he added.

Student loan forgiveness is a pet cause for liberals intent on subsidizing bloated higher education. Citing the COVID-19 pandemic, Biden had implemented a pause on student loan payments that was extended through Aug. 31.

“These actions are part of the Department’s commitment to address historical failures in the administration of the federal student loan program and support student loan borrowers through the pandemic,” Cardona’s press release said. “They also help address the impact of the COVID-19 pandemic on borrowers with lower incomes and high debt loads.”

The cost of higher education is out of control and arguably overpriced for the potential return on investment. However, allowing people who have already agreed to these loans to simply walk away from them does nothing but encourage irresponsible fiscal behavior that punishes people who made better choices.