It’s time for patriotic Americans to stand up and say “enough is enough” to the Biden administration’s destructive policies on student loans.
Fox News Reported, This latest proposal to change the already generous “income-driven repayment” program is just another back-door attempt to have hard-working Americans pay for someone else’s debt.
Under this proposal, the federal government would encourage students to choose low-return majors and reward them with larger taxpayer subsidies.
Meanwhile, students who choose careers in high-demand fields such as engineering would be left to repay their loans in full. This is unacceptable and unfair to the millions of Americans who have worked hard to pay off their loans or who never took on debt in the first place.
The new proposal would increase the amount of income exempt from calculating student loan payments to 225% of the federal poverty line. This would mean that individuals aged 22-31 who earn 65th percentile income would have to make $0 monthly payments, even though they are hardly struggling to make ends meet.
The Urban Institute estimates that 22% of four-year college graduates who repay their loans through this new plan will never make a single payment on their loans. Taxpayers will bear the burden of their debt.
This plan also fails to consider the effects on future borrowing, and will likely result in colleges raising tuition since students will be more likely to borrow as much as they can with the knowledge of the generous repayment plan.
The Biden administration’s efforts to offer blanket student loan debt amnesty of up to $20,000 and the ongoing “pause” on repayments is already phenomenally expensive, costing an estimated $5 billion per month, yet it provides significant subsidies to doctors and lawyers. It’s time for Congress to put an end to these regressive, taxpayer-funded giveaways that are driving up the price of tuition.
Congress must limit federal loans to colleges and restrict access to programs that don’t have financial value. The proposed changes to the income-driven repayment plan will be incredibly expensive and will enact “free” college through the back door, but only for low-return majors.
The American people deserve better than a system that incentivizes foolishness and greed, and President Biden should not be allowed to unilaterally remake the higher education system.
As passionate Republicans, we must stand up for what is right and fight against these damaging policies that hurt hard-working Americans and undermine the value of a college education.
The Biden administration’s policies on student loans have the reverse Midas Touch – instead of turning to gold, everything they touch turns to disaster. It’s time for Congress to take action and protect the American people.