President Biden is trying to buy the votes of 40 million student borrowers. On no authority but his own, Biden has decided to cancel the school debt of millions of Americans, making chumps of Congress and all of us Americans who paid for college, paid for our kids to go to college, re-paid loans or didn’t go to college.
The more people dig into the program, the worse it gets and the more it costs. By now most people are familiar with the details of borrowers getting $10,000 and Pell Grant recipients getting $20,000. Some estimates suggest that 20 million people will see their debt completely erased.
What’s also shocking is that both a parent that borrowed for the student and the student that borrowed independently can each receive $10,000 plus the potential upgrade to $20,000. For this and other reasons, the costs are starting to explode to at least $570 billion. Keep in mind the COVID-related freeze on loan payments has already cost $115 billion. Sound inflationary to you?
My parents sacrificed substantially, like many of you, to send me and my brother to college. Like a good Tulsa financial planner, I also saved and saved to pay college expenses for five kids. Now it looks like I have to pay for the students who took classes at hundreds of woke liberal universities.
Punishing taxpayers for the financial decisions of others without a single vote is ridiculous. Congress authorized none of this loan relief and appropriated no funds for it. Hopefully, the courts will throw this scheme into the dustbin.