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Biden's spending spree continues with more student debt relief

President Joe Biden announced Tuesday that he has unilaterally decided to cancel an additional $6.1 billion in student debt amid declining poll numbers.

[RELATED: CNN Poll Puts Trump Significantly Ahead of Biden…]

During the announcement, President Biden criticized former President Donald Trump for failing to cancel debt while in office and stated that colleges are “cheating” students.

“While my predecessor looked the other way when colleges defrauded students and borrowers, I promised to take it head on to get borrowers the relief they need and deserve,” Biden said.

The latest cancellations affect 317,000 students who attended a college in the Art Institutes network of schools between January 1, 2004 and October 16, 2017.

All schools in the network, which had 50 campuses across the country at its peak, closed abruptly in September, giving students less than a week's notice of the closure.

Biden argued that students were entitled to debt relief from the government because of the institutions' abrupt closure, even though the debt would ultimately be paid by taxpayers who had nothing to do with the school's misconduct.

“This institution falsified data, knowingly misled students and caused borrowers to take on mountains of debt without promising career prospects at the end of their studies,” Biden said.

In 2014, art institutes in San Francisco, California were forced to pay a settlement after they were found to be offering lower prices and higher placement rates than the school could match.

The school also has a history of mismanagement of state funds intended to benefit students.

In 2022, borrowers filed a class action lawsuit against numerous colleges, including the arts institutions, demanding debt relief for alleged fraud. In this case, SCOTUS approved $6 billion in debt relief.

However, that money was approved for student forgiveness from 153 institutions, and SCOTUS did not approve the $6.1 billion in cancellations for the arts institutions alone.

Tuesday's debt cancellation is just the latest in a series of student loan forgiveness measures announced by Biden, although an earlier SCOTUS ruling had halted the cancellations.

The latest announcement adds to the 37 million debtors who have already received some relief from the president's campaign.

[RELATED: Defying SCOTUS, White House Decrees “Student Loan Forgiveness” in Election Year Ploy…]

The Biden administration has gone on a massive spending spree in recent months, with that $6.1 billion in relief declining shortly after Biden signed a highly controversial $95 billion foreign aid package.

The president has not discussed the tax impact of his spending spree on Americans, but recently reiterated the assertion that no American earning less than $400,000 would see a tax increase during his time in office.

Biden's spending spree and his efforts to cancel as much student debt as possible comes at a time when his poll numbers have plummeted.

A recent poll from left-leaning media outlet CNN shows President Trump with a significant lead over Biden, especially when third-party candidates are included: 42 percent say they support Trump, compared to just 33 percent who would vote for Biden.

Anna Harden

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