{"id":1036746,"date":"2024-07-01T13:20:26","date_gmt":"2024-07-01T13:20:26","guid":{"rendered":"https:\/\/democrats.org\/?p=1036746"},"modified":"2024-07-01T13:20:27","modified_gmt":"2024-07-01T13:20:27","slug":"president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda","status":"publish","type":"post","link":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/","title":{"rendered":"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0"},"content":{"rendered":"\n

Ahead of what would have been the first day of the Saving on a Valuable Education (SAVE) Plan lowering repayments for student loan borrowers, <\/em>DNC National Press Secretary Emilia Rowland released the following statement: <\/em><\/strong><\/p>\n\n\n\n

\u201cPresident Biden is doing everything he can to relieve student loan debt for hardworking Americans despite attacks from MAGA extremists, and if it weren\u2019t for Donald Trump\u2019s Supreme Court justices striking down President Biden\u2019s historic student loan debt relief plan<\/a>, millions more could have benefitted. MAGA Republicans\u2019 hypocrisy knows no bounds \u2014 like Reps. Majorie Taylor Greene and Roger Williams who rail against student loan forgiveness for their own constituents when they\u2019ve had hundreds of thousands of dollars of Paycheck Protection Program loans forgiven. The stark contrast between these two economic agendas couldn\u2019t be clearer: President Biden wants to bring relief for as many Americans with student loan debt as possible, and Trump only wants to serve himself and his billionaire buddies.\u201d<\/p>\n\n\n\n

President Biden continues to work tirelessly to fulfill his promise of bringing relief to as many borrowers as possible \u2014 and he has already reduced and canceled more student loan debt than any other president in history.<\/strong><\/p>\n\n\n\n

CNN<\/a>: \u201cAbout 4 million people have seen their federal student debt canceled under Biden, totaling about $144 billion.\u201d<\/strong><\/p>\n\n\n\n

The Guardian<\/a>: \u201cBiden launches \u2018most affordable ever\u2019 student loan repayment plan\u201d<\/strong><\/p>\n\n\n\n

Associated Press<\/a>: \u201cBiden’s new payment plan, known as the SAVE Plan, offers a faster path to forgiveness than earlier versions. More people are now becoming eligible for loan cancellation as they hit 10 years of payments, a new finish line that’s a decade sooner than what borrowers faced in the past.\u201d<\/p>\n\n\n\n

CNBC<\/a>: \u201cIncluding Wednesday\u2019s round of relief, the Biden administration has so far excused the debt of 4.75 million borrowers, totaling $167 billion in aid.<\/strong> Much of that total comes from expanding the reach of and making fixes to these programs. Historically, borrowers found these aid options were hard if not impossible to navigate, and many complained they weren\u2019t receiving the relief to which they were entitled, consumer advocates say.\u201d<\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cPresident Biden will announce plans that, if finalized as proposed, would cancel up to $20,000 of the amount a borrower\u2019s balance has grown due to unpaid interest on their loans after entering repayment, regardless of their income.\u201d<\/p>\n\n\n\n

MAGA Republican-led legal efforts, supported by Trump, led to the halt of the Biden-Harris administration\u2019s historic student loan debt relief, the SAVE plan, for 4.75 million Americans.  <\/strong><\/p>\n\n\n\n

Politico<\/a>: \u201cCourts block part of Biden\u2019s student loan repayment relief for millions\u201d<\/strong><\/p>\n\n\n\n

Associated Press<\/a>: \u201cMore Republican states sue to block Biden\u2019s student loan repayment plan\u201d<\/strong><\/p>\n\n\n\n

\u201cAnother group of Republican-led states is suing to block the Biden administration\u2019s new student loan repayment plan, which offers a faster path to cancellation and has already been used to forgive loans for more than 150,000 borrowers.<\/p>\n\n\n\n

\u201cSeven states led by Missouri<\/strong> filed a federal lawsuit Tuesday challenging Biden\u2019s SAVE Plan, which has become a new legal target for conservative opponents after the Supreme Court toppled the Democratic president\u2019s first attempt at student loan cancellation.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cRepublican states file lawsuit challenging Biden’s student loan repayment plan\u201d<\/strong><\/p>\n\n\n\n

\u201cIn a federal lawsuit filed Thursday, 11 states led by Kansas<\/strong> argue that Biden overstepped his authority in creating the SAVE Plan, which was made available to borrowers last year and has already canceled loans for more than 150,000. […]<\/p>\n\n\n\n

\u201cThey argue the plan will inject hundreds of billions of dollars in loan relief into the U.S. economy, which would require states to increase fraud protection efforts. The plan \u2018will create enormous opportunities for fraudsters to exploit student debt borrowers that would not otherwise exist,\u2019 according to the suit.\u201d<\/p>\n\n\n\n

NPR<\/a>: \u201cSupreme Court kills Biden’s student debt plan in a setback for millions of borrowers\u201d<\/p>\n\n\n\n

Several of Trump\u2019s MAGA minions in Congress reject student debt forgiveness for their constituents but have reaped the benefits of loan forgiveness in the past. They are listed below:<\/strong><\/p>\n\n\n\n

Member<\/strong><\/td>PPP Loan Amount Forgiven<\/strong><\/a><\/td>Number of Constituents Eligible for SAVE<\/strong><\/a><\/td><\/tr>
Rep. Vern Buchanan (Fl-16)*<\/td>$2.8 million <\/td>61,300<\/td><\/tr>
Rep. Kevin Hern (OK-1)<\/td>$1.07 million<\/td>63,700<\/td><\/tr>
Rep. Matt Gaetz (FL-1)<\/td>$476,000<\/td>43,300<\/td><\/tr>
Rep. Marjorie Taylor Greene (GA-14)<\/td>$180,000<\/td>55,700<\/td><\/tr>
Rep. Brett Guthrie (KY-2)<\/td>$4.3 million<\/td>54,600<\/td><\/tr>
Rep. Mike Kelly (PA-16)**<\/td>$974,100<\/td>66,600<\/td><\/tr>
Rep. Greg Pence (IN-6)<\/td>$79,441<\/td>61,700<\/td><\/tr>
Rep. Ralph Norman (SC-5)***<\/td>$306,520<\/td>60,200<\/td><\/tr>
Rep. Carol Miller (WV-1)<\/td>$3.1 million<\/td>63,000<\/td><\/tr>
Rep. Roger Williams (TX-25)****<\/td>$1.43 million<\/td>59,100<\/td><\/tr>
Sen. Markwayne Mullin (R-OK), Former (OK-2) (numbers denote House district)*****<\/td>$988,700 <\/td>44,900 (numbers denote House district)<\/td><\/tr>
Total: 11<\/strong><\/td>$15.6 million<\/strong><\/td>634,000<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n


*Rep. Buchanan was in the top 5 wealthiest members of Congress with a net worth of $73.9<\/strong><\/a> <\/strong>million. <\/p>\n\n\n\n

**Rep. Kelly was in the top 40 wealthiest members of Congress with a net worth of <\/strong>$10.4<\/strong> <\/a>million.<\/p>\n\n\n\n

***Rep. Norman was in the top 20 wealthiest members of Congress with a net worth of <\/strong>$18.3<\/strong> <\/a>million.<\/p>\n\n\n\n

****Rep. Williams was in the top 15 wealthiest members of Congress with a net worth of $27.7<\/strong><\/a> million.<\/p>\n\n\n\n

*****Rep. Mullin was in the top 70 wealthiest members of Congress with a net worth of $3.7<\/strong> <\/a>million.<\/p>\n\n\n\n

President Biden\u2019s <\/strong>SAVE<\/strong><\/a> Plan would have made paying student loans more feasible for more than 7.7 million enrolled borrowers.<\/strong>
<\/p>\n\n\n\n

White House Fact Sheet<\/a>: \u201cThe Biden-\u2060Harris Administration Launches the SAVE Plan, the Most Affordable Student Loan Repayment Plan Ever to Lower Monthly Payments for Millions of Borrowers\u201d<\/p>\n\n\n\n

\u201cThe SAVE plan is an income-driven repayment (IDR) plan that calculates payments based on a borrower\u2019s income and family size \u2013 not their loan balance \u2013 and forgives remaining balances after a certain number of years. The SAVE plan will cut many borrowers\u2019 monthly payments to zero, will save other borrowers around $1,000 per year, will prevent balances from growing because of unpaid interest, and will get more borrowers closer to forgiveness faster. The SAVE plan builds on the actions the Biden-Harris Administration has already taken to support students and borrowers, including cancelling more than $116 billion in student loan debt for 3.4 million Americans.\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cMore than 7.5 million student loan borrowers have enrolled in the U.S. government\u2019s newest repayment plan since it launched in August. […]<\/p>\n\n\n\n

\u201cHow is the SAVE Plan different?<\/p>\n\n\n\n

\u201cMore borrowers in the SAVE plan are eligible for $0 payments. This plan won\u2019t require borrowers to make payments if they earn less than 225% of the federal poverty line \u2014 $32,800 a year for a single person. The cutoff for other plans, by contrast, is 150% of the poverty line, or $22,000 a year for a single person.<\/p>\n\n\n\n

\u201cAlso, the SAVE plan prevents interest from piling up. As long as borrowers make their monthly payments, their overall balance won\u2019t increase. Once they cover their adjusted monthly payment \u2014 even if it\u2019s $0 \u2014 any remaining interest is waived.\u201d<\/p>\n\n\n\n

CNN<\/a>: \u201cMillions of borrowers will see their monthly student loan payments reduced starting in July, thanks to one of the Biden administration\u2019s biggest changes to the federal student loan system to date.\u201d<\/p>\n\n\n\n

Meanwhile, Donald Trump continues to rail against student loan forgiveness, and his hand-picked Supreme Court justices struck down debt relief that could have changed the lives of 40 million Americans. <\/strong><\/p>\n\n\n\n

CEPR<\/a>: \u201cOn student debt relief, [Project 2025\u2019s] Mandate for Leadership proposals would roll back much of what the Biden administration accomplished for student borrowers and loan-burdened public servants. Indeed, their ideal wish is that \u2018there should be no loan forgiveness.\u2019<\/p>\n\n\n\n

\u201cIf the first Trump administration was any indication, a second would work to eliminate the federal tools that could help student borrowers instead of addressing the student debt crisis.\u201d<\/strong><\/p>\n\n\n\n

NBC News<\/a>: \u201cTrump also attempted to cut billions from the department\u2019s budget that would have ended subsidized student loans and the public service loan forgiveness program.\u201d<\/strong><\/p>\n\n\n\n

CNBC<\/a>: \u201cFormer President Donald Trump has a long record of opposing debt cancellation. Trump also sided with the Supreme Court in its ruling striking down Biden\u2019s plan.\u201d<\/strong><\/p>\n\n\n\n

Trump Campaign Press Release<\/a>: \u201cLast week, the U.S. Supreme Court handed down massive wins for the American people\u2014 halting Joe Biden\u2019s unconstitutional student loan gimmick, restoring fairness to the college admissions process, and applying the strongest safeguards to First Amendment rights in a generation. One thing is clear: these wins were only made possible through President Trump\u2019s strong nomination of three distinguished and courageous jurists to the Supreme Court.<\/strong>\u201d<\/p>\n\n\n\n

Associated Press<\/a>: \u201cEducation advocates say President Donald Trump\u2019s budget contradicts his campaign pledge to make college more affordable<\/strong> with its proposed elimination of subsidized student loans and cuts in other programs that help students pay tuition. \u2026 When he accepted the Republican presidential nomination last year, Trump had said, \u2018We\u2019re going to work with all of our students who are drowning in debt to take the pressure off these people just starting out in their adult lives. Tremendous problem.\u2019\u201d<\/p>\n\n\n\n

Trump and MAGA Republicans\u2019 attacks on student loan debt forgiveness are in line with the Project 2025 playbook.<\/strong><\/p>\n\n\n\n

Center for American Progress<\/a>: \u201cProject 2025 proposes phasing out existing income-driven repayment (IDR) plans for student loan borrowers, such as the Biden-Harris administration\u2019s new Saving on a Valuable Education (SAVE) plan, and replacing it with a one-size-fits-all IDR plan. […]<\/p>\n\n\n\n

\u201cOne in 3 borrowers ages 25 to 49 rely upon an [Income Driven Repayment] IDR plan to afford their student loan payments<\/strong> and would see their repayment plan options severely restricted if the Project 2025 proposal were adopted. This far-right vision for student loan repayment would fail to provide affordable repayment options to those who are most likely to struggle with their loans and experience default. […]<\/p>\n\n\n\n

\u201cInstead of alleviating the burden imposed by student loans, Project 2025 would make monthly loan payments a financial anchor for millions, push more borrowers into default, and force others to pay in perpetuity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Ahead of what would have been the first day of the Saving on a Valuable Education (SAVE) Plan lowering repayments for student loan borrowers, DNC National Press Secretary Emilia Rowland released the following statement:  \u201cPresident Biden is doing everything he can to relieve student loan debt for hardworking Americans despite attacks from MAGA extremists, and […]<\/p>\n","protected":false},"author":263,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1036746","post","type-post","status-publish","format-standard","hentry","category-press-release"],"acf":[],"yoast_head":"\nPresident Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0 - Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:site_name\" content=\"Democrats\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-01T13:20:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-01T13:20:27+00:00\" \/>\n<meta name=\"author\" content=\"Claire DePree\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Claire DePree\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/\",\"url\":\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/\",\"name\":\"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0 - Democrats\",\"isPartOf\":{\"@id\":\"https:\/\/democrats.org\/#website\"},\"datePublished\":\"2024-07-01T13:20:26+00:00\",\"dateModified\":\"2024-07-01T13:20:27+00:00\",\"author\":{\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\"},\"breadcrumb\":{\"@id\":\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/democrats.org\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/democrats.org\/#website\",\"url\":\"https:\/\/democrats.org\/\",\"name\":\"Democrats\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/democrats.org\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564\",\"name\":\"Claire DePree\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/democrats.org\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g\",\"caption\":\"Claire DePree\"},\"url\":\"https:\/\/democrats.org\/news\/author\/depreec\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0 - Democrats","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/","og_locale":"en_US","og_type":"article","og_site_name":"Democrats","article_published_time":"2024-07-01T13:20:26+00:00","article_modified_time":"2024-07-01T13:20:27+00:00","author":"Claire DePree","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Claire DePree","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/","url":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/","name":"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0 - Democrats","isPartOf":{"@id":"https:\/\/democrats.org\/#website"},"datePublished":"2024-07-01T13:20:26+00:00","dateModified":"2024-07-01T13:20:27+00:00","author":{"@id":"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564"},"breadcrumb":{"@id":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/democrats.org\/news\/president-bidens-save-plan-provides-student-debt-relief-for-millions-despite-trumps-maga-agenda\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/democrats.org\/"},{"@type":"ListItem","position":2,"name":"President Biden\u2019s SAVE Plan Provides Student Debt Relief for Millions Despite Trump\u2019s MAGA Agenda\u00a0"}]},{"@type":"WebSite","@id":"https:\/\/democrats.org\/#website","url":"https:\/\/democrats.org\/","name":"Democrats","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/democrats.org\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/democrats.org\/#\/schema\/person\/c31239f43161314a03057960c56c0564","name":"Claire DePree","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/democrats.org\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/262c0b3f1914330fe3241c699fd21798ee92a8504fc6296028e8fa17334d1151?s=96&d=mm&r=g","caption":"Claire DePree"},"url":"https:\/\/democrats.org\/news\/author\/depreec\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1036746","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/users\/263"}],"replies":[{"embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/comments?post=1036746"}],"version-history":[{"count":1,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1036746\/revisions"}],"predecessor-version":[{"id":1036747,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/posts\/1036746\/revisions\/1036747"}],"wp:attachment":[{"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/media?parent=1036746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/categories?post=1036746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/democrats.org\/wp-json\/wp\/v2\/tags?post=1036746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}