On October 22, a federal judge ignored a Republican-led challenge to Joe Biden, the president of the U.S., on his plans to cancel billions of dollars in student debt.
In August, Biden announced student debt forgiveness for those who had taken out loans to pay for college.
The move will cancel up to $20,000 of their debt for students who received Pell Grants to benefit lower-income colleges. Meanwhile, the U.S. government will cancel up to $10,000 in student loan debt for borrowers making less than $125,000 a year and $250,000 for a married couple. The policy is expected to benefit a million Americans as the Democrats are hoping the policy will help support them in the November 8 midterm elections.
Debt forgiveness, according to Mitch McConnell, a top Senate Republican, is a form of socialism that will worsen inflation, reward “far-left activists,” and be a “slap in the face” to American families who paid off their student loans or chose a career path.