Political Quotes

“Mr. President, last month, President Biden announced yet another student loan giveaway. Among other things, this latest scheme would waive accrued and capitalized interest for certain borrowers and, staggeringly, provide significant loan forgiveness for three-quarters of a million borrowers with an average household income--get this--of $312,976. That is right. President Biden's latest reckless expenditure of taxpayer dollars would go, in part, to providing loan forgiveness to three-quarters of a million borrowers with an average household income above $300,000. All told, the President's latest student loan giveaway will cost nearly $150 billion. That is on top of the $475 billion in loan forgiveness the President announced last summer. That scheme, which the administration dubbed the Saving on a Valuable Education Plan, will implement de facto loan forgiveness on a massive scale by creating a system in which the majority of future Federal borrowers will never fully repay their student loans. The Department of Education estimated 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 that they borrow. That amounts to the Federal Government taking on, on average, almost 40 percent of the cost of these borrowers' student loans. There are so many problems with the President's plan it is difficult to even know where to begin.…”