Former President Donald Trump characterized Biden’s student loan program as a “money grab” that forces Americans to bail out “college administrators who fleeced students.”
The 45th president said in a statement on Thursday:
Joe Biden and the Radical Left Democrats have just orchestrated another election enhancing money grab, this time to the tune of $300,000,000,000—and just like I predicted, it’s coming right out of the pocket of the working-class Americans who are struggling the most! Crippling inflation, unaffordable energy prices, and WAR—all things that should never have happened.
But if that wasn’t enough, now Americans are bailing out College Administrators who fleeced students, and those who opted for Degrees there was no way they could afford. America is a nation in decline, and the cliff into oblivion is within sight. Stop voting for Democrats! MAKE AMERICA GREAT AGAIN!”
President Joe Biden announced a plan on Wednesday that would involve forgiving debts of up to $20,000 for students who went to college on Pell grants and $10,000 for students who did not receive Pell grants and only applies to individuals earning less than $125,000 or couples filing joint earnings of $250,000.
While the The Penn Wharton Budget Model estimates Biden’s plan will cost at least $300 billion, another report from the nonpartisan Center for a Responsible Federal Budget estimates it could cost between $440 billion and $600 billion over the next ten years.
Boomers love to talk about how they could work their way through college. It should still be that way. You can only charge for something what people are willing to pay.
When the government produced basically guaranteed loans, college just raised prices. You can chart the rise in student loans and the rapid rise in top heavy administration positions. So ‘forgiving these loans will do nothing at all to address the overpriced nature of these schools.
Stop bailing out these colleges. Invest in building more tech colleges that we desperately need. Vote this administration out of office.