LINCOLN, NEB. – U.S. Senator Deb Fischer (R-Neb.) released the following statement today after President Biden announced the government is using billions of taxpayer dollars to cover the burden of wealthier Americans’ student loan debt:

“Yet another economically backwards policy from the Biden administration that unfairly pushes the burden of these loans onto all American taxpayers and further fuels the inflation fire.

It’s not just the multibillion-dollar cost. These loans are not magically “gone” – the debt is being transferred from those who borrowed it to current and future taxpayers.

Working-class families who followed the rules and paid off their student loans, as well as the vast number of Americans who did not go to college, must now cover the cost of others who accumulated this debt. That is not right. 

We should be focused on policies that address the root causes of high tuition and providing the American people will better access to the educational opportunities they deserve.”

The Penn Wharton Budget Model estimates this decision will cost upwards $300 billion.

# # #