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Personal finance expert and 'The Ramsey Show' host Dave Ramsey joins 'Fox & Friends' to discuss Americans making 'hardship' withdrawals from their 401(K)s, student loan debt and shares tips on how to improve finances.
President Joe Biden is receiving a mix of criticism and praise after he announced on X, formerly known as Twitter, that he was moving ahead with his student loan debt forgiveness plan Monday.
A federal judge in Michigan recently dismissed a challenge against Biden's student loan debt forgiveness plan from a legal group, the New Civil Liberties Alliance, for lacking standing, per Axios. Biden followed up that dismissal by touting his decision to push ahead with student loan forgiveness anyway, claiming that he would find another path to student loan removal.
"For years, student loan borrowers haven't received forgiveness under their Income-Driven Repayment plans despite making payments for over 20 years," he wrote. "I'm determined to fix it. Today, thanks to my Administration's actions, 804,000 borrowers will start to see their debt cancelled."
President Joe Biden is receiving a mix of criticism and praise after he announced on X, formerly known as Twitter, that he was moving ahead with his student loan debt forgiveness plan Monday. ((Photo by Stephen Maturen/Getty Images))
"As I announced in the wake of the Supreme Court’s decision on our student debt relief plan, we will continue to pursue an alternative path to deliver student debt relief to as many borrowers as possible as quickly as possible," Biden said.
Investors, political groups and commentators battled over Biden’s announcement, with some praising the President for the policy while others rejected it as unfair.
"Including students who took loans to pursue majors that don’t pay off?" venture capitalist Vinod Khosla wrote in response to Biden’s post. "Where does personal responsibility come in?"
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Investors, political groups and commentators battled over Biden’s announcement, with some praising the President for the policy while others rejected it as unfair. ((AP Photo/Patrick Semansky))
Symboticware CEO Ash Agarwal claimed that Biden’s announcement came "[j]ust in time" because "[l]oan payments would have been resumed in September, and many families would have to choose between a meal and a payment. Good for them."
Pro-Bernie Sanders group "People for Bernie" told Biden that he "should cancel it all," referring to student loan debt.
Investor Santosh Sankar wrote that Biden’s forgiveness of student loans was the start of a dangerous path in American politics.
"Slippery slope," he wrote.
The Supreme Court initially ruled Biden’s student loan debt forgiveness plan as unconstitutional, with Chief Justice John Roberts citing then-Speaker of the House Nancy Pelosi from 2021 in his argument that the president doesn't have the power to cancel federal student loan debt.
"‘People think that the President of the United States has the power for debt forgiveness. He does not,’" Roberts quoted from Pelosi’s July 28, 2021, press conference. "‘He can postpone. He can delay. But he does not have that power. That has to be an act of Congress.’"
"We’re not backing down," Biden also wrote Monday.
The Department of Education did not respond to a request for comment from Fox News Digital.
Derrick Lewis, NAACP Y&C, joins student loan borrowers to demand President Biden use "Plan B" to cancel student debt Immediately at a rally outside of the Supreme Court of the United States on June 30, 2023 in Washington, DC. (Photo by Paul Morigi/Getty Images for We The 45 Million)
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Fox News’ Megan Myers contributed to this report.
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