Notes on transferring $tudent loans

Nellie Bowles

Sorry, I mean “forgiving student debt.” Biden this week paid off another $7.4 billion in student loans, making his total student loan cancellation something like $153 billion. And by cancellation, I mean tax dollars were used to make the ledger go to zero. How much exactly? From Penn Wharton’s analysis: “We estimate that President Biden’s recently announced ‘New Plans’ to provide relief to student borrowers will cost $84 billion, in addition to the $475 billion that we previously estimated for President Biden’s SAVE plan.” But that goes to really needy people, right? Well, actually, at least 750,000 of those households are “making over $312,000 in average household income.” Meanwhile, to anyone who questions this allocation of resources, the White House answer is to shame them from official White House accounts by listing how much in pandemic loans were forgiven for House Republicans who own individual small business, which is weird because the reason businesses needed pandemic relief was because the White House banned them from operating. 

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