Biden’s Student Debt Cancellation Has Taxpayers Paying Over $550 Billion, Benefits Wealthier Families
The price tag of President Joe Biden’s student loan amnesty just keeps growing — and it’s not the neediest who are getting the money, either.
According to the New York Post, a new study by the University of Pennsylvania estimates that a new round of student loan cancellation programs raises the amount that taxpayers are stuck holding to $559 billion total, including $84 billion under new provisions announced last week.
The kicker? The newest provisions under the Saving on a Valuable Education, or SAVE, plan will benefit those in higher tax brackets the most.
The income-driven plan was introduced last summer, but new loan cancellations for 277,000 borrowers were announced last week.
