The new payment plan, known as the SAVE Plan, offers a faster path to the taxpayer funded bailouts and is moving forward even as it faces legal challenges.
Elaine Parker, president of the Job Creators Network Foundation, says the latest bailout, which involves another 160,000 borrowers and $7.7 billion in federal student loans, is lawless and defies the Supreme Court and Congress.
"This debt forgiveness is nothing more than a defacto student loan bailout and a vote-buying exercise," she submits.
While voicing his concerns on "Fox & Friends," Charles Payne recently pointed out that this is the kind of thing that stokes inflation.
"Most people who have college degrees in this country are the most blessed people on the planet," he stated. "They will live longer; they will make millions of dollars more than their American counterparts, millions of millions of dollars more than anyone else on the planet. Their kids will live in less violent neighborhoods, and if they will live a better quality of life, they don't need bailouts!"
To meaningfully fix this problem, Parker says Congress and the Biden administration "must hold college accountable for their price gouging."
The Supreme Court rejected Biden's earlier attempt at one-time cancellation, saying it overstepped the president's authority, but Biden says this new scheme uses a different legal justification.
With the latest action, the administration claims it has canceled $167 billion in student debt for nearly five million Americans through several programs.
