The illegality of Biden’s actions to forgive student loan debt is confirmed by the text of the law and Supreme Court decisions on similar cases dealing with presidential power grabs.
On the day before President Biden announced that he is “forgiving” part or all of the student loans of nearly everyone who owes them, his administration released a legal memo declaring that he had the authority to do this under a 2003 law.
That claim is belied by Congressional records recently unearthed by Just Facts. These reveal that Congress voted to pass the law by a margin of more than 500 to 1 because it did not authorize any actions that would cost money.
In contrast, Biden’s decision to cancel student loans and alter their payment terms will cost from $605 billion to more than $1 trillion over the next 10 years. That amounts to an average cost of roughly $4,700 to $7,700 for every household in the United States.
Before this, both Biden and Trump took similarly illegal actions to cancel interest on student loans, costing tens of billions of dollars.
The illegality of these actions is confirmed by the text of the law and Supreme Court decisions on similar cases dealing with presidential power grabs.
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