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Biden's $1.2B student debt cancellation is about 'buying votes' to win re-election, says Gov Noem

South Dakota Gov. Kristi Noem criticizes President Biden's latest handout move after the White House announced they will cancel $1.2 billion in student loan debt.

President Biden canceled another $1.2 billion in student loan debt for more than 150,000 borrowers, triggering criticism over the timing of the decision. South Dakota Gov. Kristi Noem argued on "FOX & Friends" on Thursday that the administration's latest actions are another example of Biden "buying votes" to win re-election.

BIDEN'S STUDENT LOAN FORGIVENESS IS A BAD IDEA. SO IS NOT TAXING COLLEGES AND UNIVERSITIES 

KRISTI NOEM: He's buying votes. That's exactly what he's doing. The timing of this, to follow through on what he has threatened to do for so long, is incredibly hypocritical of him to say that he cares about this country and continue to accumulate debt and hand out money to get himself re-elected. I just hope everybody in America realizes that we're still spending more money than what we bring in in this country. So when he does stuff like this, he's literally borrowing this money from China and then giving it to people so that they will support him and put him back in the White House, so he can continue his reign of control. So, it's really the worst of the worst and Americans are waking up to it with all these crises we have going on at the border, our national security, people's gas and groceries being unaffordable. People are struggling right now, and this president just is not even aware of what the reality is on the ground.

The White House on Wednesday announced that Biden canceled another $1.2 billion in student loan debt for more than 150,000 borrowers earlier than expected.

In an executive action that was originally planned for July, Biden has activated a Savings on Valuable Education (SAVE) plan policy that cancels debt for enrolled borrowers who have been in repayment for at least 10 years and hold $12,000 or less in student loan debt. 

Those with larger debts will receive relief after an additional year of payments for every additional $1,000 they borrowed. 

President Biden has now unilaterally wiped away nearly $138 billion in federal student loans for almost 3.9 million borrowers without a single act of Congress. The student loan bailouts come after the U.S. Supreme Court blocked Biden's initial debt cancelation plan last year, which would have cost more than $400 billion. 

"From Day One of his Administration, President Biden vowed to fix the student loan system and make sure higher education is a pathway to the middle class — not a barrier to opportunity," the White House said. 

Biden's decision was panned by Republicans, including Republican National Committee Chair Ronna McDaniel. 

"Over 60 percent of Americans don’t have a college degree, but Joe Biden wants hardworking taxpayers to foot higher education bills for the elite few. Meanwhile, families are struggling with lower real wages, higher prices, and more credit card debt than they were four years ago. In Biden’s desperate attempt to use your money to buy votes, American families are left behind," the statement read.

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FOX Business' Chris Pandolfo contributed to this report.

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