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Late last month, President Biden announced a cynical, regressive scheme to have taxpayers “forgive” a half-trillion dollars in student loans. Biden’s plan showers dollars on 20- and 30-somethings with graduate degrees, sticks generations of taxpayers with a staggering tab, and subsidizes the nation’s overpriced colleges.
With his announcement, Biden transformed the student lending program. When loans aren’t repaid they’re no longer loans – they’re gifts. Biden coupled his announcement with other changes that would yet again delay repayment on existing loans and also ensure that fewer and fewer future borrowers would repay their full loan.
The end result: Biden just gave colleges the green light to shake down taxpayers. The question is how to respond.
President Joe Biden announces student loan relief with Education Secretary Miguel Cardona on Aug. 24, 2022, at the White House. (Olivier Douliery/AFP via Getty Images)
There’s a need to challenge Biden’s legally suspect executive action in court and to revamp federal lending, but the most urgent task may be to confront the college cartel that benefits from this cash grab.
After all, the whole of that half-trillion dollars has already been