Not sure what JoeBama has done is legal. Imagine that! Think his home will get raided?! LOL!! Anyway, the Congress has passed laws concerning student loans. Remember -- spending starts and stops with the House. So, I have finally found something that N. Pelosi has got right: "
Lawmakers, including Nancy Pelosi, have argued that Biden’s executive order, is unconstitutional and goes outside the rights of the executive branch.
Congress, not the president, is the only body that can cancel student debt, Pelosi said in July of 2021, arguing that “the president can’t do it.”
“Not everybody realizes that, but the president can only postpone, delay but not forgive” student loans, she added.
The Department of Education came to the same decision, arguing that the executive branch “does not have the statutory authority to cancel, compromise, discharge, or forgive, on a blanket or mass basis, principal balances of student loans, and/or to materially modify the repayment amounts or terms thereof.”
Senate Majority Leader Chuck Schumer told Biden to provide as much relief as possible in a phone call Tuesday night, according to Politico, saying its “the right thing to do morally and economically.”
The total estimated cost for JoeBama’s one-time cancellation is $300 billion!