June 01, 2023

Biden’s Student Loan Bailout Will Cost Average Taxpayer $3,526: State-By-State Breakdown

The Senate today is set to consider the Republican House-led resolution to reverse President Biden’s reckless student loan cancellation plan for the wealthy.

Ahead of the Senate vote, the National Taxpayers Union Foundation (NTUF) released new data showing how much Biden's student loan cancellation will costs taxpayers in each state.

  • $3,526. On average, Biden’s plan to transfer the cost of student loans from wealthy borrowers to working-class Americans will cost the average taxpayer over $3,500.
  • $3,847. Worse off, this scheme will shift the cost of expensive degrees to Americans who did not attend college – updated figures predict that Biden Administration actions will cost Americans who are 25 years or older without a Bachelor’s degree $3,847 each.

State-by-state examples: 

  • In Texas: The average cost per Texan will be $3,456.63.
  • In Pennsylvania: The average cost per Pennsylvanian will be $3,849.03.
  • In Delaware: The average cost per Delawarean will be $3,450.64.
  • In Iowa: The average cost per Iowan will be $3,730.86.

The Bottom Line: President Biden’s regressive student loan debt bailout is cruelly unfair to the people who couldn’t afford to go to college, the taxpayers who will shoulder the burden, and the students who worked their way through school. Republicans will continue to fight to rein-in Biden’s reckless spending and reverse this loan giveaway to the wealthy.

CLICK HERE or scroll below to see the full state-by-state breakdown from NTUF.

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