Joe Biden unilaterally announced massive forgiveness of student loans Wednesday afternoon, as reported by The Gateway Pundit.
An estimated $300 billion of loans up to $10,000 per borrower making under $125,000 per year ($250,000 for couples) as well as up to $20,000 for Pell Grants will be forgiven by the Biden administration citing a new interpretation of the 2003 HEROES Act by Biden admin lawyers that say the secretary of Education has the authority to use national emergencies–specifically the COVID pandemic–to wipe out student debt en masse.
Schumer: “With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis by canceling significant amounts of student debt for millions of borrowers.”
Joe Biden claimed ‘canceling’ student loan debt (AKA transferring the debt to the middle class) won’t have any “meaningful effect on inflation.”
“Independent experts agree that these actions taken together will provide real benefits for families without meaningful effect on inflation,” said Biden.
Following Biden’s announcement of a federal student loan forgiveness program, Americans are having issues logging into StudentAid.gov.
Watch the video below:
Fail: Federal Aid Website Already Crashed as Biden Announces Student Loan Forgiveness pic.twitter.com/RVSx5qw8xM
— Breitbart News (@BreitbartNews) August 25, 2022
Business Insider reported:
Thousands of borrowers flocked to the FSA website to check their loan balances, reports say.Twitter users share their error messages and memes with FAFSA’s official account.
Student loan borrowers reported frustrating error messages Wednesday as they tried to log in to the Federal Student Aid (FSA) website following President Biden’s decision to forgive up to $20,000 per student.
Not long after the one-time loan forgiveness was announced, tech outage tracker Downdetector began racking up thousands of reports that the FSA website was experiencing an outage.
Of those users, 79% said they were having trouble logging in, while 18% reported that it was the website overall.
The FSA office acknowledged the high amount of traffic with a message on the homepage.
“A lot of people are interested in our website. As a result, some pages may take longer to display than usual. Thank you for your patience,” the message read.
Those hoping to troubleshoot could call the FSA hotline to speak with a real person for help – but the live chat feature was inaccessible if you couldn’t log in.