Home » World News » Biden student loan handout gives up to $20k to lawyers, doctors set to make hundreds of thousands of dollars
Biden student loan handout gives up to $20k to lawyers, doctors set to make hundreds of thousands of dollars
Biden ‘grasping at straws’ with student loan handouts: Brian Brenberg
Fox News contributor and The King’s College economics professor Brian Brenberg argues student loan debt cancellations will ‘backfire’ on Biden.
President Biden's student loan handout will provide relief for recent law school and medical school graduates who will soon earn hundreds of thousands of dollars.
While lawyers and resident physicians will often make upwards of $200,000 per year, their starting salaries out of school allow many of them to qualify for Biden's loan giveaway unveiled Wednesday. Biden announced that Americans who earn less than $125,000 per year, or $250,000 jointly, are eligible to receive $10,000 in relief, while Pell Grant recipients are able to receive $20,000.
"An entire generation is now saddled with unsustainable debt in exchange for an attempt, at least, at a college degree," Biden remarked Wednesday. "The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided."
However, the $500 billion taxpayer-funded handout won't solve the long-term systemic issue with overall student loan debt projected to return to its current level of $1.6 trillion within five years, a study from the Committee for a Responsible Federal Budget concluded. It will also benefit individuals on track to earn upper-class salaries.
TOP UNIVERSITIES SITTING ON OVER $200B IN ENDOWMENTS WHILE TAXPAYERS FOOT BILL FOR BIDEN STUDENT DEBT HANDOUT