During Tuesday’s White House press briefing, Press Secretary Karoline Leavitt discussed the Trump Administration's announcement regarding student loan forgiveness policies.
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00:00And also thanks to President Trump's America First economic approach, investments continue to pour into our country.
00:06Swiss Pharmaceuticals Company announced they will be investing $50 billion in the United States over the next five years, creating 12,000 new quality jobs.
00:15Regeneron Pharmaceuticals also agreed to pay Fujifilm Technologies more than $3 billion over the next decade to help manufacture its medicines in the United States.
00:24It's a top priority for President Trump to ensure we are producing critical medicines and pharmaceutical drugs right here in America.
00:32And that is exactly what we continue to see happen every day.
00:36In other news, the Trump administration has announced we will put an end to Joe Biden's illegal student loan bailout attempts.
00:43No student loan has been referred to collections since March of 2020.
00:48That comes to an end.
00:49On May 5th, the Department of Education will resume involuntary collections for borrowers with defaulted federal student loans.
00:56The student loan portfolio controlled by the federal government is nearly $1.6 trillion.
01:02But fewer than four out of ten borrowers are in repayment.
01:06This is unsustainable, unfair, and a huge liability for American taxpayers.
01:12Debt cannot be wiped away.
01:14It just ends up getting transferred to others.
01:16So why should Americans who didn't go to college or went to college and responsibly paid back their loans pay for the student loans of other Americans?
01:24The Trump administration will never force taxpayers to pay student loan debts that don't belong to them.
01:29Student loan borrowers need clarity, and we're finally giving it to them.
01:33Borrowers will now be clearly expected to repay their loans, and those who default on their loan obligations will face involuntary collections.
01:41The government can and will collect defaulted federal student loan debt by withholding money from borrowers, tax refunds, federal pensions, and even their wages.
01:50America is $36 trillion in debt.
01:52We must get our fiscal house in order and restore common sense to our country.
01:56If you take out a loan, you have to pay it back.
01:59It's very simple.
02:00It's a date of an bank.
02:00It's a date of five to five years.
02:01It's very easy.
02:01So.
02:19Bill.