Last week, Sen. John Kennedy (R-LA) pointed out an obvious flaw in the very existence of Joe Biden’s student debt relief plan.
“We already had a plan to repay student debt,” he told Sean Hannity of Fox News. “It’s called a job. And it was working just fine.”
The bailout is laughably titled “The Biden-Harris Administration’s Student Debt Relief Plan ” on the official federal student aid website.
The plan calls for a $10,000 debt cancellation for individuals bringing home less $125,000 annually. Married couples and families, including those with only one income stream, must earn at least $250,000 in order to qualify.
Those thresholds are quite lofty and likely means there will be a minuscule amount of debtors who won’t qualify for their loans to be repaid with your taxpayer dollars.
$59,600 is the median annual income for individuals between the ages of 25-34 that have a bachelor’s degree and work full-time. That’s not even halfway to $125,000.
Those in the same age group with a master’s degree earn only $10,000 more each year.
Let’s say you don’t have a Women’s, Gender, and Sexuality degree and chose a practical major.
Those with business degrees, the ones most assume make the big bucks, fall well short of the threshold. The average annual earnings for someone with a business degree aged 25-34 is only $52,000.
The annual income for the business school graduates in the 45-59 age bracket is $75,000, still well below the amount for disqualification from debt forgiveness.