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Biden's Student Loan Scam

The Biden administration is pursuing reckless student loan policies that are costing taxpayers BILLIONS. From student loan pauses that benefit doctors and lawyers to letting defaulted borrowers take on even more debt, Biden’s policies are harmful and:

  • Unfair to taxpayers, including the 100 million Americans who never went to college.
  • Unfair to Americans already struggling to put food on the table due to Biden inflation.
  • Unfair to future students who will bear the burden of ballooning college costs.

DEAR AMERICA: STOP BIDEN'S STUDENT LOAN FORGIVENESS SCAM

Fact Sheets:

Press Releases:

Blogs & Op-Eds:

Oversight:

In the News: Expert Opinions:
  • Lawrence H. Summers, Secretary of the Treasury for President Clinton and Director of NEC for President Obama: “The Administration's postponement yet again of student debt payments is very hard to understand on policy terms. Wherever one stands on student debt relief this approach is regressive, uncertainty creating, untargeted and inappropriate at a time when the economy is overheated.” 
  • Committee for a Responsible Federal Budget: “Continuing the current payment pause would be even more regressive, benefiting high-debt, high-income borrowers significantly more than low-debt borrowers. It has already cost the federal government over $100 billion and would cost another $50 billion per year to continue. If the payment pause is continued through the summer, it will have cost half as much as forgiving $10,000 per borrower outright. At the same time, it will worsen inflation.”
  • Preston Cooper, Research Fellow at the Foundation for Research on Equal Opportunity: “If the White House believes most borrowers are not in a strong enough financial position to repay their loans, it should also produce a serious plan to curtail new lending.” 
  • Marc Goldwein, Senior Vice President and Senior Policy Director, Committee for a Responsible Federal Budget: “The government has already cancelled $50,000 of student debt...for doctors. Lawyers got $30,000 of debt cancelled. The student debt pause is highly regressive.”
  • Beth Akers, Resident Scholar at the American Enterprise Institute: “This may or may not prove to be good politics for Biden. But it is undoubtedly bad policy.” 
  • Neal McCluskey, Director of the Center for Educational Freedom at the Cato Institute: “There is no economic excuse to extend the student debt freeze. College grads weathered COVID better than anyone else, we now have near record-low unemployment, and inflation is worse with more dollars in the economy. It’s time to repay taxpayers.” 
  •  Jason Delisle, Senior Policy Fellow at the Urban Institute: “I think this makes student loan pause the longest lasting pandemic policy for households. Outlives stimulus checks, higher UI benefits, child tax credits. Perversely, it's the only one of these with absolutely no means test or income limit. Right? Strange policy priority IMO.” 
  • Cory Turner, Education Correspondent, NPR: “Also just gonna point out, as a reporter who covers ED: All these leaks are coming from the WH, not ED. Meaning, each of these extensions is more inextricably intertwined with politics than the last one.” 
  • The Editorial Board, The Wall Street Journal: “You can never go broke betting on Washington cynicism, and the Administration’s latest extension timeline suggests a political calculation. Could it be teeing up even more sweeping loan forgiveness, to be announced in August as the new school year and the fall election campaign begin?” 
  • Douglas Holtz-Eakin, President, American Action Forum: “More deferral might also just be a mistake. It could be electoral pandering. It may satisfy some intraparty politics. But none of those things makes it defensible or a good idea.”
  • The Editorial Board, The New York Times: “Canceling [student] debt, even in the limited amounts that the White House is considering, would set a bad precedent and do nothing to change the fact that future students will graduate with yet more debt — along with the blind hope of another, future amnesty. Such a move is legally dubious, economically unsound, politically fraught and educationally problematic.”
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