The Biden-Harris Student Loan Bailout is Illegal, Unfair, and Inflationary
September 26, 2024
The Biden-Harris Administration’s unrelenting effort to transfer hundreds of billions of dollars in student loan debt to taxpayers is not just expensive. It is also unlawful, counterproductive, and deeply unfair. Student loan bailouts saddle Americans, including those without a college degree, with new tax liabilities and will lead to higher tuition prices without increasing educational quality. Federal courts have also blocked the Biden-Harris Administration’s efforts— on the grounds of executive overreach—adding to borrowers’ confusion after years of repayment pauses and program changes.
10 Reasons the Biden-Harris Student Loans Agenda Must be Stopped Now
1. The Exorbitant Cost and Misleading Messaging. The Biden-Harris Administration’s use of the terms “forgiveness” and “cancelation” to describe their student loan policies is misleading. Loan balances do not just disappear. The forgone revenue requires taxpayers to fill in the gap, or else it adds to the deficit and national debt. The Biden-Harris Administration has already “canceled” $167 billion in loans and seeks to “cancel” hundreds of billions more, ignoring court rulings in the process. This is on top of the three-and-a-half-year COVID-19 repayment pause, extended six times by the Biden-Harris Administration, which cost taxpayers $240 billion. If two additional proposed regulations go into effect, the total cost is likely to reach almost $1 trillion over 10 years.
