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The Biden administration on Thursday announced that it would issue a $2 billion loan to a battery manufacturing facility as it looks to bolster the country’s supply chain for electric vehicles. “The Department of Energy is proud to announce a conditional commitment for a $2 billion loan to Redwood Materials,” Energy Secretary Jennifer Granholm said on Thursday during a press conference. “If finalized, this $2 billion loan is going to help Redwood to complete this project to produce critical components for EV batteries.” She did not elaborate on what the conditions of the commitment are. The Hill has reached out...

President Biden and first lady Jill Biden took out a $250,000 line of credit against their home in the Delaware beach town of Rehoboth – as federal investigators probe both the president and his son, Hunter, a new report reveals. The Bidens secured the loan – which allows them to borrow the quarter of a million dollars against the home’s equity – on Dec. 5, according to county records reviewed by Fox News. It’s unclear from any paperwork why the couple took out the line of credit on the home, reportedly purchased in 2017 for nearly $3 million. The White...

WASHINGTON (AP) — The Biden administration plans to ask the Supreme Court to reinstate the president’s student debt cancellation plan, according to a Thursday legal filing warning that Americans will face financial strain if the plan remains stalled in court when loan payments are scheduled to restart in January. The Justice Department is fighting to keep Biden’s plan alive after it was halted by two federal courts in recent weeks. Keeping the debt relief on hold would leave the government with an “unnecessarily perilous choice,” the administration argued in its filing Thursday. If it restarts student loan payments as planned...

Student-loan borrowers are at risk of resuming student-loan payments in under two months without the debt relief they were promised. Just over a month after President Joe Biden announced up to $20,000 in student-debt cancellation at the end of August for federal borrowers making under $125,000 a year, he made available an online application for borrowers to apply for the relief. Since then, 26 million borrowers have submitted forms to get the relief — but due to decisions from federal courts, those borrowers are now in legal limbo. On Thursday, a federal judge in Texas sided with two student-loan borrowers...

Wednesday, the anchors of CNBC’s “Money Minute,” a segment on “NBC Now” streaming news platform, discussed a recent survey from Intelligent.com. that found 73% of President Biden’s student debt forgiveness anticipated recipients say they will spend the extra income on non-essential items including dining out and travel. Anchor Deirdre Bosa said, “It could be easy as well for some people to enjoy travel and eating out rather than worrying about the future. One financial coach tells CNBC.com that you should not use the loan forgiveness only for long-term goals because your short-term self might get frustrated.” She added, “Try to...

WASHINGTON (AP) — Supreme Court Justice Amy Coney Barrett on Thursday rejected an appeal from a Wisconsin taxpayers group seeking to stop the Biden administration’s student debt cancellation program. Barrett did not comment in turning away the appeal from the Brown County Taxpayers Association, which also has lost rounds in lower federal courts. The group wrote in its Supreme Court filing that it needed an emergency order to put the program on hold because the administration could begin canceling outstanding student debt as soon as Sunday. Barrett oversees emergency appeals from Wisconsin and neighboring states. She acted on her own,...

A $5 million interest-free loan the Biden family received from a Chinese energy conglomerate in 2017 should have been probed by the FBI as part of a possible “pay-to-play” plan, Sen. Chuck Grassley told top law enforcement officials last week. In an Oct. 13 letter to Attorney General Merrick Garland, FBI Director Christopher Wray and Delaware US Attorney David Weiss, Grassley (R-Iowa) questioned whether the bureau is fully investigating corruption allegations against first son Hunter Biden and demanded a “full and unredacted FBI summary” of Hunter business partner Tony Bobulinski’s October 2020 FBI interview. According to Grassley, Bobulinski told investigators...

It’s been barely a month since President Joe Biden announced he would be forgiving $10,000 of student loan debt for millions of borrowers and his administration is already walking back certain elements of that plan. The U.S. Department of Education just quietly changed some of its own guidelines for who does and does not qualify for loan forgiveness. Specifically, it reversed its inclusion of older types of loans: Perkins loans and Federal Family Education Loans (FFEL). The plan as announced only applied to federal loans, not private ones. But it would allow Perkins and FFEL loans - which are privately...

Pacific Legal Foundation filed suit against the U.S. Department of Education to block its illegal move to cancel more than $500 billion in student loan debt. “Congress did not authorize the executive branch to unilaterally cancel student debt,” said Caleb Kruckenberg, an attorney at Pacific Legal Foundation. “It’s flagrantly illegal for the executive branch to create a $500 billion program by press release, and without statutory authority or even the basic notice and comment procedure for new regulations.” In August 2022, President Biden announced his plan to cancel up to $20,000 in student loan debt per person for more than...

On Tuesday’s broadcast of CNN’s “New Day,” Sen. Joe Manchin (D-WV) reacted to Congressional Budget Office’s $400 billion cost projection for President Joe Biden’s student loan forgiveness plan by saying that it “seems to” wipe out whatever deficit reduction there was in the Inflation Reduction Act and that he “cannot answer when people call me” and wonder why they’re being “penalized” for paying their loans off. Manchin said, “I’m very much concerned about the debt we have. We have about a $31 trillion debt that we have to be realistic about. In the IRA bill, we had $300 billion being...

The Biden administration’s sweeping effort to provide widespread student loan forgiveness for some Americans will cost about $400 billion, according to new reporting by Congress’ nonpartisan budget scorekeeper. The estimate applies to the plan Biden announced last month to forgive $10,000 in federal student loan debt for borrowers earning under $125,000, and $20,000 for borrowers who received Pell Grants. The CBO said 43 million borrowers shared $1.6 trillion in federal student loan debt, as of June 30. Under Biden’s plan, about $430 billion of that debt will be wiped out, the reporting shows. The CBO also estimated the costs for...

As Leah Barkoukis reported this morning, President Joe Biden's declaration the COVID-19 "pandemic is over" during an interview with 60 Minutes on Sunday is causing all kinds of headaches for his administration. Joe Biden during an interview on 60Minutes says he believes the CoVid pandemic is Over. pic.twitter.com/B8CxdAJV1e— Real Mac Report (@RealMacReport) September 19, 2022But most recently President Biden used the pandemic as an excuse and justification to illegally reallocate student loan debt belonging to wealthy degree holders (and voluntarily taken out) onto the working class. "We responded aggressively to the pandemic to minimize the economic impact of the harm...

Much has been said about President Joe Biden’s plan to forgive $10,000 to $20,000 of student loan debt. The income cap (individuals making over $125,000 per year will not be included in the plan) does little to limit the massive spending the government will incur in wiping out this debt. This is an irresponsible policy; it doesn’t accomplish anything long-term. If colleges will continue to charge exorbitant tuition rates and the federal government will continue to loan young people exorbitant amounts of money to pay those tuition rates, we will inevitably end up in the same place later.To really fix...

Stacey Abrams, the Democrat gubernatorial candidate challenging Gov. Brian Kemp (R) in Georgia, insulted Americans who are opposed to President Biden’s student loan debt bailout, asserting that they are being rude. “And for those who are angry for forgiving between $10,000 to $20,000 in debt, I will ask you why you’re being so churlish,” Abrams said to working-class Americans during a stop in Valdosta, Georgia on Tuesday.

Colleges and universities have been selling potential students a bill of goods for decades, assuring them that a college education was the ticket to economic success, and the more you paid for higher education, the bigger the payoff in increased earnings down the road. That may have been true 40 or 50 years ago. But for most students today, college has become a luxury for upper-middle class and rich families who can afford the cost of a four-year degree. It’s either paid for by daddy — who doesn’t really mind his kid majoring in journalism or environmental justice — or...

I wish that Democrats would answer my question: Why are Democrats funding student debt forgiveness with money from innocent taxpayers, instead of with money from the fraudulent colleges that sold worthless degrees?By Daniel Alman (aka Dan from Squirrel Hill)September 5, 2022I’m against student debt forgiveness. But since it is happening, I have one question:Why are Democrats funding student debt forgiveness with money from innocent taxpayers, instead of with money from the fraudulent colleges that sold worthless degrees?According to the U.S. Bureau of Labor Statistics, between 1980 and 2020, regular inflation has caused average prices to increase by 228%. However, during...

During portions of interviews with Fox News Digital released on Saturday, manufacturing workers in Pennsylvania sounded off on President Joe Biden’s student loan debt cancellation program. Jim Davis said, “It’s not going to affect the people that are here, the people that are actually out doing all the work. So, yeah, he’s going to help the people in the bigger cities because that’s what he wants. But as far as me, it’s not going to help me.”

President Joe Biden's plan to forgive at least $10,000 in student loans has divided Americans and even members of his own Democratic party, raising tough questions about the scheme's cost, popularity and even over its legality.

Former Education Secretary Betsy DeVos is ripping President Biden’s student loan forgiveness plan as unfair, politically motivated and “100% illegal.” “The president has no authority to just wave a magic wand and suddenly forgive billions and billions of dollars in student loan debt,” she told Fox News late Monday. “Congress has the power of the purse, not the president.” ... “It is totally unfair to all of those who have not taken out student loans,” she said. “And for those students who faithfully have been paying their student loans down, how does that work for them?” Ms. DeVos also said...

Radio host Larry Elder exposed President Joe Biden’s student debt forgiveness plan as a scam that hoodwinks the working class into subsidizing the wealthy elite.