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It’s Time to Rethink U.S. Student Loan Policy

In August, President Biden announced a massive student-loan forgiveness program. Estimates of the cost to taxpayers range from $300–$500 billion.¹ Under the plan, Americans earning less than $125,000 annually can apply to have from $10,000 to $20,000 of debt “forgiven.”

Many leftists have predictably praised Biden for keeping his campaign promise. In a joint statement, Senators Charles Schumer and Elizabeth Warren gushed, “With the flick of a pen, President Biden has taken a giant step forward in addressing the student debt crisis.” Others, however, have noted the convenient timing of the move, calling it a political ploy to gain blue votes before the midterm elections.

On the...