Critics on both sides of the aisle have already panned the plan for its many critical problems, including:

1. It’s regressive. Biden’s debt cancellation plan includes borrowers with household incomes of up to $250,000, an amount that puts such couples in the top 10 percent of income earners nationwide. A Penn Wharton budget model estimates that “between 69 and 73 percent of the debt forgiven accrues to households in the top 60 percent” of the income distribution.
2. It penalizes the 286 million Americans with no outstanding student-loan debt, including many who never attended college. Dr. Beth Akers of the American Enterprise Institute tweeted yesterday, “Only about 1 in 5 Americans hold student loans. The other 4 will be on the hook to pay their share of the hundreds of billions we will spend on Biden’s loan cancellation plan … but will see no benefit.” Also excluded are the millions of borrowers who refinanced their student loans through private lenders and those who borrowed from sources other than the federal government.
3. It’s costly.

— James G. Martin Center for Academic Renewal | “Did You Know? Biden’s Student-Loan Cancellation Is a Fiasco” | August 25, 2022 | Jenna A. Robinson and George Leef