President Biden’s Student Loan Cancellation Scheme

Source: Independent Institute
by Craig Eyermann

“This may come as a surprise, but the U.S. government has never had the money to fund the Federal Direct Student Loan program. It has had to borrow to get that cash. Since President Barack Obama signed the legislation for the government takeover on March 30, 2022, the federal government has borrowed over $1 trillion. That’s money that still needs to be paid back to the people who lent money to the U.S. government. Those people expect to be paid back in real money, which will come from taxpayers. That means sticking the cost of student loan cancellation on the majority of Americans who never borrowed a dime to pay for a college degree. That also means sticking the cost of debt cancellation on millions of Americans who fully paid off their student loans, so they’ll get to pay for student loans twice under Biden’s scheme.” (09/21/22)