Last week, I opened an investigation seeking answers regarding the Biden administration's unfair, expensive, and ethically dubious decision to unilaterally cancel student loan debt.
This policy is a slap in the face to millions of Americans who either could not afford college or chose to pursue professions that do not require a college education.
Additionally, many Americans chose to finance college on their own — some working several jobs to pay for a college degree. Student loan forgiveness makes a joke out of their careful financial planning, which should in fact be encouraged.
To get a better sense of how this reckless policy was decided upon, I sent a letter to President Biden requesting a collection of all communications between the Department of Education and the White House.
President Biden and his administration have refused to explain how this policy will be paid for, in part because it would require them to reveal how much it will cost. One estimate from the Penn Wharton Budget Model suggests that “forgiving college student loan debt will cost between $300 billion and $980 billion” over the next 10 years.
Only Congress has the authority to forgive student loans, and this is an egregious abuse of power. The federal government should not pick winners and losers to score political points. If tuition is a true concern, it should work towards policies that address the root problem of higher tuition prices.
