AUSTIN – U.S. Senator John Cornyn (R-TX) issued the following statement in response to the Biden Administration’s announcement to ‘cancel’ student loan debt, creating hundreds of billions of dollars in new federal debt:
“The Biden Administration’s election-year stunt to force working class folks to pay off the debt of wealthy graduates is both indefensible and nonsensical,” said Sen. Cornyn. “As inflation continues to drain the pockets of Americans, this disastrous policy would incentivize universities to raise tuition and unfairly punish those who sacrificed to pay off their own student loans.”
According to the Committee for a Responsible Federal Budget, President Biden’s plan to cancel at least $10,000 in debt per borrower would cost American taxpayers an additional $230 billion to foot the bill. The Penn Wharton Budget Model estimates this cost to be even higher between $300 billion and $980 billion over the 10-year budget window.
Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Intelligence, and Judiciary Committees.