Biden’s America: Student Debt Cancellation Leaves Taxpayers With $550B Bill

President Joe Biden stands with his money as he waits for his ice cream cone at a Baskin-Robbins in Portland, Ore., Saturday, Oct. 15, 2022. (AP Photo/Carolyn Kaster)

The price tag of President Joe Biden’s student loan amnesty just keeps growing — and it’s not the neediest who are getting the money, either.

According to the New York Post, a new study by the University of Pennsylvania estimates that a new round of student loan cancellation programs raises the amount that taxpayers are stuck holding to $559 billion total, including $84 billion under new provisions announced last week.

The kicker? The newest provisions under the Saving on a Valuable Education, or SAVE, plan will benefit those in higher tax brackets the most.

The income-driven plan was introduced last summer, but new loan cancellations for 277,000 borrowers were announced last week.

“Today’s announcement shows — once again — that the Biden-Harris Administration is not letting up its efforts to give hardworking Americans some breathing room,” Education Secretary Miguel Cardona said in a statement, the Post reported.

“As long as there are people with overwhelming student loan debt competing with basic needs such as food and healthcare, we will remain relentless in our pursuit to bring relief to millions across the country.”

Read the full story here.