Joe Biden is planning to give over 800k borrowers a loan forgiveness bribe of $39 billion taxpayer dollars despite the Supreme Court putting the kibosh on his earlier plans.

They are doing this through a reduction in monthly payments.

Here’s more from Townhall:

The Biden administration announced Friday that hundreds of thousands of student loan borrowers will have their debt cancelled due to a “fix” to income-driven repayment plans.

“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” U.S. Secretary of Education Miguel Cardona said in a statement. “Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers. By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans. This Administration will not stop fighting to level the playing field in higher education.”

What kind of cockamamie crap is “progress towards forgiveness”? There is no such thing. This is not how loans work. There is only progress toward full repayment and that’s it.

They are just using this made up garbage as an excuse to bribe voters before next year’s elections using an illegal scheme to reduce the number of monthly payments for a borrower.

Tom Cotton responded to this today by pointing out this is nothing more than the redistribution of wealth: