Political Quotes

“Mr. President, 3 weeks ago, President Biden officially launched the second part of his student loan giveaway--his dramatic overhaul of the REPAYE program, an income-driven repayment plan for Federal student loans. The President's revamp flew under the radar a bit when it was first announced, overshadowed by his plan to forgive up to $10,000 of student loan debt outright--or $20,000 for Pell grant recipients. But the truth is that the President's new income-driven repayment plan, which he has dubbed the Saving on a Valuable Education plan--or the SAVE plan--is just as problematic, if not more, as the President's scheme to forgive student debt outright because the new SAVE plan will create a system in which the majority of future Federal borrowers will never fully repay their student loans. The nonpartisan Penn Wharton Budget Model estimates that just 24.6 percent of future borrowers will repay their loans in full--in other words, less than a quarter of borrowers. The Department of Education estimates that borrowers with only undergraduate debt enrolled in the SAVE program can, on average, expect to pay back just $6,121 for each $10,000 they borrow. That amount the Federal Government is taking on, on average, is almost 40 percent of the cost of these undergraduates' student loans. Let's call this what it is: It is loan forgiveness by another name. You don't have to take my word for it.…”