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In the very early hours of Wednesday morning, Joe Biden announced another massive student debt bailout, despite being repeatedly told by courts and Congress that he's not allowed to unilaterally grant debt forgiveness.
This most recent $7.7 billion handout will go to approximately 160,000 borrowers who have signed up for Biden's SAVE plan, are receiving PSLF, or are on an income-driven repayment plan. This brings the total dollar amount of college loans passed on to taxpayers to around $167 billion.
This move comes as Biden continues to lose support among college-age voters due to his somewhat confusing stance on the Israel-Hamas war. Multiple Republican-led states have filed lawsuits against previous student loan bailouts attempted by Biden; presumably, this latest effort will likely face legal challenges as well.