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Bidenomics Bailouts Will Send Higher Ed Costs Skyrocketing  

Apr 9, 2024 by AFP

Biden’s Latest Student Loan Scheme a ‘Recipe for Disaster’

Arlington, VA – Americans for Prosperity’s Vice President of Government Affairs Akash Chougule made the following statement after the Biden Administration’s latest announcement regarding its income-driven repayment (IDR) scheme:

“If you can’t afford what Bidenomics has done to your groceries and gas prices, just wait until you see what Bidenomics will do to the already skyrocketing costs of higher education. The Biden Administration is pumping billions into a system where costs have already exploded in recent years. Joe Biden’s pattern of overreach and disregard for constitutional boundaries—despite the Supreme Court striking down his original plan—is a recipe for disaster, not to mention unfair and unconstitutional.

“Higher education costs are a serious problem weighing on students, but the way to address that problem is with more competition, innovation, and pathways for success, not with more subsidies. We urge policymakers to focus on reforms that address the root causes of rising education costs and provide meaningful solutions for students struggling with debt. The College Cost Reduction Act is one example of a solution that promotes transparency, competition, and innovation in higher education to make getting a college degree more affordable and accessible for all Americans.”

Together, Biden’s student loan schemes could cost taxpayers up to $1 trillion, further burdening hardworking Americans who may not have benefited from higher education themselves or who have already paid off their debt.

Americans for Prosperity has long urged policymakers to focus on reforms that create more innovation, more competition, and more pathways to success in higher education. Click HERE for AFP’s letter of support for the College Cost Reduction Act. Click HERE to learn more.