Back in August the Biden Administration announced its intent to cancel an estimated $500 billion in student debt. While many doubted that he would be able to do such a thing for the nearly 40 million borrowers, he found money to use. The HEROES Act of 2003, which was passed in the begin of the Iraq War. The HEROES Act was intended to be used to temporarily freeze student loans for service members and their families during times of war or national emergency. Though now with its use here by Biden, the term emergency is being stretched for this use.
While this student debt program is anything but normal, it will begin canceling debt in October and therefore has broken away from the normal cycle of presidential policies and programs. While no draft of the policy has been released, Biden’s administration has sent assurance to Congress and expressed assurance to the public.
Few instances have arose questioning the policy, and have been shot down by the administration. Taking every attempt at keeping the seemingly unwritten policy away from inquiring parties.
While many are rejoicing over the news of canceled student loans, the truth is The HEROES Act was set up to temporary freeze loans for service members and their families, not cancel billions of dollars of student loans. And the reality is, that without a written and published draft out there there is no way for anyone to know the validity of the policy. Even House Speaker Nancy Pelosi has mentioned the President doesn’t have the power to forgive debt like this, as it would take an act of Congress.
Read more at Fox News.