TPA Responds to President Biden’s Comments on Student Loan Forgiveness

For Immediate Release                                                                             Contact: Abigail Graham: (202) 417-7235

April 27, 2022                       

Washington, D.C. – The Taxpayers Protection Alliance (TPA) calls on the White House to abandon their plan to cancel student loan debt. Although the Department of Education has already cancelled more than $17 billion in student loan debt, the White House is considering cancelling even larger sums—if not all—of student debt for millions of people across the country.

In response, TPA Executive Director, Patrick Hedger, offered the following statement:

“Canceling all student debt will cost taxpayers more than $1.5 trillion. In addition to being fiscally irresponsible, the problem goes much deeper than the cost. Studies have shown that higher income earners hold most of the student loan debt.  Quite simply, this will be a bailout of higher income folks at the expense of lower income people and those who chose not to attend college.

“American colleges and universities have been living large on the subsidized debt of Americans. We’ve seen explosions in spending on administrative positions, luxury housing for students, and gimmicks like waterparks on campuses around the country. All the while, tuition continues to skyrocket and outstrip inflation.

“While debt relief may help many today, it almost certainly means more expensive education for the students of tomorrow. We cannot reward the waste in higher education we see today nor give future students a false hope of similar debt relief that may encourage additional reckless borrowing.”

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Taxpayers Protection Alliance (TPA) is a non-profit, non-partisan organization dedicated to educating the public through the research, analysis and dissemination of information on the government’s effects on the economy.