Depending on whether you owe money in student loans and where you lie on the principle of pay back what you borrow, you’re either really happy or really angry.
President Joe Biden sent out a tweet Wednesday morning announcing the details of “The Biden Administration’s Student Loan Debt Plan,” which Americans will most likely have to eventually pay off in taxes anyway.
Details of the plan are as follows, according to the graphic in tweet:
- Forgiveness of $20,000 of debt if you went to college on Pell Grants
- Forgiveness of $10,000 of debt if you didn’t receive Pell Grants
- Forgiveness only applies to those earning less than $125,000
- Student loan pause extended one final time through December 31, 2022
- If you have undergraduate loans, you can cap repayment at 5 percent of your monthly income
Related: Honor-less Roll? Study Shows 86% of Student Loan Borrowers Took on Debt Because of Biden’s Bailout Pledge
Many are at least somewhat pleased with the move by the Biden regime, although, they’d be happier if they could freeload all the way and get all their debt forgiven.
However, some just flat out didn’t like the announcement:
Democrat … the party of freeloaders.— Catturd ™ (@catturd2) August 24, 2022
You are utterly and totally insane, Joey.— Styxhexenhammer666 (@Styx666Official) August 24, 2022
THIS IS HOW YOU FIGHT INFLATION?— LordSandwich.eth (@LordSandwichOne) August 24, 2022
You’re ruining our economy. Fk Joe Biden. You’re the worst president in US history.— aka (@akafacehots) August 24, 2022
As of this writing, the press is waiting for Biden's remarks announcing the plan. For the original livestream of Biden's speech, watch below:
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FLASHBACK: Nancy Pelosi says the President doesn't have the "power for debt forgiveness" during Joe Biden's first year in office. pic.twitter.com/b7MdF92FB7— MRCTV (@mrctv) August 24, 2022