• Joe Biden isn’t forgiving student loan debt, he’s subsidizing college tuition. This one-time giveaway is only going to raise tuition for future generations,” Mike Pompeo, former CIA director and U.S. Secretary of State, said on Twitter.
• Several experts told Fox Business that Biden’s plan is expected to cause an incline in college tuition prices and actually add to the inflation crisis.
• “Students will likely feel liberated to borrow more money on the assumption of future loan forgiveness, and universities will take advantage of the additional borrowing by raising tuition,” said Brian Riedl, a senior fellow in budget, tax and economic policy at the Manhattan Institute.
• “This is pretty similar to the fact that historically 60% of all student aid increases have been captured with tuition hikes, and this will be treated like an increase in student aid moving forward, which suggests that 60% will be countered by tuition hikes.”

Tagged: Schools