Hardworking Americans will feel the brunt of Joe Biden’s reckless and burdensome student loan scam, which will run up an additional $400 BILLION tab for taxpayers, according to the Congressional Budget Office (CBO).
STUDENT LOAN FAST FACTS:
- According to the CBO, Biden’s student loan scam will cost roughly$400 BILLION.
- Nearly 60% of Americans are worried Biden’s student debt cancellation scheme could make inflation WORSE.
- Outstanding federal student loan debt currently totals $1.7 trillion and is disproportionately held by the wealthy.
- Of 255 million adult Americans, 45 million have student loan debt. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.
- There are 44.9 million millennials in the U.S. (ages 25–34), but only 15.3 million of them have any student debt, meaning that 66% of millennials have no student debt.
- Those in the top fifth of household income hold $3 in student loans for every $1 held by the bottom fifth of household incomes.
- Of 255 million adult Americans, 45 million have student loan debt. Student loan forgiveness demands that those 210 million Americans take on the debt of those 45 million borrowers.
- In a 2014 analysis, researchers found that, since 1992, the median borrower has consistently spent only about 4 percent of monthly income repaying student loans. In a 2019 analysis of millennial households, the 4 percent rate still held.
- Programs already exist to aid students in re-paying their loans through income-driven repayment (IDR) plans. As of 2019, 40 percent of…
