If you’re confused about President Joe Biden’s various student loan debt-cancellation schemes, who can blame you? And on Tuesday, the Biden administration unveiled its third attempt to make you pay for someone else’s life choices.
First, some background.
In August 2022, the Biden administration announced its initial plan for canceling student loan debt. Borrowers earning less than $125,000 annually would have received up to $10,000 in loan cancellation and up to $20,000 if they had ever received a Pell Grant while they were in college (even if they are higher-income earners today).
That plan was estimated to cost American taxpayers close to $600 billion, which would have equated to more than $2,000 in increased taxes per taxpayer despite most taxpayers having no student loan debt.
Thankfully, the Supreme Court held last June that the Biden administration’s…
