Recent policies on student debt cancellation under President Biden are projected to cost between $870 billion to $1.4 trillion, as estimated by Budget Hawks. This amount surpasses all federal spending on higher education in the nation's history and equals the projected total education appropriations for the next decade. Critics argue that these costs could have significantly expanded Pell Grants instead and that the financial burden falls on American taxpayers. The majority of these cancellations, deemed unconstitutional by some, were implemented through executive actions. Representative Feenstra highlighted the burden on taxpayers and called for an end to these policies in IA04.
🚨🚨🚨 “Including the…new student debt cancellation plan, [t]hat’s more than all federal spending on higher education over the nation’s entire history. The vast majority of this debt cancellation was put in place through executive actions under…Biden.” https://t.co/zrrxUu9o8s
This blog opens with: “That’s more than all federal spending on higher education over the nation’s entire history.” How do we “spend” more to cancel the debt than we “spent” to make the loans? Is it because @BudgetHawks ignores the $80-100B “spent” each year on new loans? https://t.co/NIzj8NS4Tj https://t.co/SOwRDi5SPq
According to @BudgetHawks, President Biden's student-loan bailouts are estimated to cost anywhere between $870 billion to $1.4 trillion. Like many of Biden's policies, the burden falls on American taxpayers to fund these giveaways. These unconstitutional actions must end. #IA04
These are the same people President Joe Biden and other Democrats want to forgive thousands of dollars for each of these college students' debts. https://t.co/duEVEzj0c9
🚨 NEW 🚨 We estimate all recent student debt cancellation policies will cost a combined $870 billion to $1.4 trillion. That’s more than all federal spending on higher education over the nation’s entire history. And it's more than all projected education appropriations over the… https://t.co/kbXRuatkkN
For the cost of all this debt cancellation, we could have 𝒕𝒓𝒊𝒑𝒍𝒆𝒅 or perhaps 𝐪𝐮𝐚𝐝𝐫𝐮𝐩𝐥𝐞𝐝 Pell Grants. Instead, we're paying doctors, lawyers, and MBAs who already have their degrees! https://t.co/PsQu4V9D9N https://t.co/0juqwf2wET
🚨Holy Moly🚨 We're on course to spend $𝟎.𝟗 𝐭𝐨 $𝟏.𝟒 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 on debt cancellation. That's more than we spent ALL higher education spending before 2020, and as much as we are on course to appropriate for TOTAL education over the next decade. https://t.co/PsQu4V9D9N https://t.co/XR7qHOdlCQ