Six Groups Who Lose If Joe Biden Forgives College Loans
If President Joe Biden actually forgives massive student loan debt for thousands of college graduates, it is obvious that the big winners will be those saddled by college debt, but here is a list of just some of the groups who will be the biggest losers if college debt forgiveness comes to fruition.
Taxpayers Who Eat $1.6 Trillion:
The Federal Reserve Bank of St. Louis announced this April that college loan borrowers owe a collective $1.75 trillion in debt to lending institutions. Some of that is private loans, but $1.6 trillion of it is in federal loans. If Biden “forgives,” that debt, the debt does not just disappear. It will be transferred to the American taxpayer. Your hard-earned money — assuming you pay a federal income tax — will be used to pay that debt down.
People Who Didn’t Go To College But Whose Taxes Will Go Toward The Plan
According to the informational website savingforcollege.com, “the highest-income 40% of households (those with incomes above $74,000) owe almost 60% of student loan debt.”
Many Americans have opted to not attend college because they could not afford the high cost. Thousands chose instead to go trade schools and learn valuable skills such as plumbing or welding. – READ MORE
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