Biden Student Loan Freebie Now Has $500 Billion Price Tag

Someone get the checkbook out of Joe Biden’s hands.

Since Joe has been back from vacation, he has spent about $1.2 trillion in taxpayer money.

The new price tag comes as the estimates of Joe Biden’s $20,000 giveaway are added to the student loan tab for those who had Pell Grants.

Getting Clobbered

When the student loan debt transfer was first announced, it was believed that Biden would “only” be giving away $10,000 per loan.

That has changed considerably with the Pell Grant caveat.

The Center for Responsible Federal Budget looked at the new plan and released updates figured from the Wharton estimate we were working off before.

The new “central estimate” is now at $500 billion.

The CRFB stated, “The changes announced today will likely cost more than double the amount saved through the recently passed Inflation Reduction Act, completely eliminating any disinflationary benefit from the bill.

“It is extremely troubling to see the Administration reverse the legislative progress made on deficit reduction.

“It is long past time that student debt repayments resume, and now it is even more important for policymakers to enact changes that reduce deficits through spending reductions and revenue increases in order to put the national debt on a downward sustainable path.”

This will not only not stop future borrowing, but it may increase borrowing, leading to yet another giveaway at some point in the future.

While all this is happening, these “non-profit” schools are sitting on billions in endowments that could be used for grants to lower the overall costs of education.

Or, how about an even better idea… schools stop charging $100,000/year for education.

Source: Breitbart

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23 Responses

    1. Make Biden pay for it by taking the money from his personal bank account not ours. Biden is going to start a war if he isn’t reined in soon. Someone who can please do something and save America.

      1. Yes JOE BIDEN IS A THREAT TO AMERICA IF REPUBLICANS GET CONTROL IN NOVEMBER THE FIRST JOB BETTER BE BIDENS REMOVAL KAMELLA AS WELL AS NANCY FROM WASHINGTON FOREVER

        1. I’m making $80 per/hr to complete some jobs on the laptop. I have not at all believed that it’d even possible but my close buddy was making $27k only in five weeks zyq working this easy offer and she had influenced me to join. Check extra instructions by visiting following web

          >>> Just check my Id Name CashBoot

        2. Yes bidet is a threat to the US but next in line kameltoe is even worse. I’ve seen rocks smarter than her

    2. This article states its double, that is clearly outdated. It’s already close to 4 times and growing.

    1. I’m with you! Dems just love wasting our hard earned taxpayer dollars. All these representatives, both parties, get ridiculous paychecks while doing nothing in D.C. and get lifelong pensions when they leave. It’s all a big scam on us taxpayers!

  1. I paid my schooling off and everyone else needs to do that same! I had to work when I was not in school just to get money. Those who do the right thing should NOT have to pick up the load who choses NOT to do the right thing.

  2. Every act of government is punishing honesty, responsibility and awarding criminals , people committing evil acts.

  3. I paid for my education and didn’t use the G. I. Bill. After 7 years in the military I had had enough of Uncle Sam.

      1. SORRY as there can be nothing harder than losing a child and especially under that situation. NOTHING can make up for it!! They are always our children no matter how old they are. FROM: 24 year veteran of VN and thanks for your Heros service. Thanks is all we can give for such a HUGE gift they gave!! May the Good Lord be with you!

  4. My wife and I did without and got our boys thru college with NO help from Joe Biden. WHY do I have to pay more TAXES now so the rich Harvard type students making over 100K get a break??? I cannot think of anyone that needs to pay more than them!

  5. Many young people will fall for this. They don’t realize that the following year they have to claim the payoff on their taxes. The taxpayers will be paying $2,000.00 per year per taxpayer. Some deal if you didn’t go to college or if you paid for your kids to go to college now you can pay for someone else to go to college.

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