https://www.frontpagemag.com/administrative-bloat-and-bidens-college-loan-forgiveness/
In a nod to his progressive base and what seems to be a naked tactic to buy the votes of young, educated future Democrats, President Biden seems to have made good on at least one of his campaign promises.
In August, the White House announced a plan to eliminate for borrowers some of the “skyrocketing cumulative federal student loan debt—$1.6 trillion and rising for more than 45 million borrowers.”
“The Department of Education,” the statement read, “will provide up to $20,000 in debt cancellation to Pell Grant recipients [usually awarded only to undergraduate students who display ‘exceptional financial need’] . . , and up to $10,000 in debt cancellation to non-Pell Grant recipients. Borrowers are eligible for this relief if their individual income is less than $125,000 ($250,000 for married couples).”
Criticism of the loan relief program was immediate and ubiquitous, the cost to American taxpayers being foremost among it. Experts estimated the final amounts to range between $360 billion and $427 billion; a forecast from the National Taxpayer Union Foundation (NTUF) also “calculate[d] that the average burden per taxpayer in the U.S. is $2,503.22, up from [its] earlier estimate of $2,085.59.”
Beyond the high projected cost to taxpayers, and even the ability of the President to unilaterally and legally forgive loans in the first place, is the issue of fairness. Why should taxpayers who may have never even attended college themselves be responsible for paying the indebtedness of someone who chose to go to college and signed a loan to make that possible?