Biden administration cancels federal student debt of borrowers defrauded by their schools
CBSMAR 16 2022
Biden has given the Department of Education a reckless blank check to write off billions of dollars of debt without Congressional approval. A large percentage of debt is held by doctors, lawyers, and other well-paid professions. Large-scale debt forgiveness is unfair to the majority of American taxpayers.
Through the settling of this lawsuit, the Biden administration and the Department of Education have demonstrated their strong commitment to Americans overburdened by student debt. They reached an agreement with the plaintiffs that will provide relief to students while demonstrating a commitment to addressing the underlying structural issues involved with the student loan crisis.