Student loan borrowers who make less than $125,000 per year will be eligible to have between $10,000 and $20,000 of federal student loan debt forgiven, President Joe Biden announced on August 24.
Even though the forgiveness plan may be a sigh of relief for many student loan borrowers, some GOP leaders, including Sen. Ted Cruz (R-Texas) claimed this would have a negative impact on the average U.S. taxpayer.
“Let’s be clear - there is no way to ‘cancel’ student debt. This will cost every taxpayer an average of $2100... This administration is exceeding its legal authority and illegally burdening hard-working Americans with debts they didn’t take on themselves,” a release from Cruz’s office said. Yet, this isn't true. The average taxpayer will not have to pay $2,100 to cover the cost of student loan forgiveness.
Please select this link to read the complete article from WBNS-10TV.