One-Year Anniversary of Biden’s Student Loan Bailout

“After one year of fighting President Biden’s illegal student loan bailout, we are in some ways back where we started. Americans scored a historic victory when the Supreme Court struck down the original bailout, but Biden’s lawless workarounds pose the same if not bigger threat to taxpayers. According to the University of Pennsylvania, Biden’s de facto forgiveness plan, which reduces student loan payments to zero or 5% of discretionary income and allows balances to be forgiven in as little as ten years, will cost more than the original bailout.

“More broadly, Biden’s student loan workarounds fail to address the root cause of the issue: unaccountable colleges that overcharge students. In fact, they exacerbate the problem by giving colleges a blank check to keep on overcharging. We must keep fighting to hold colleges accountable and fix the college cost crisis for the long term.”