In a clip posted Monday by Jack Posobiec, Hannity announced that Biden's plan was a version of Green New Deal "radical socialism" and formed "very perverse incentives" for Americans.
Hannity stressed that he had many young staffers on his Fox News show, and "they're not making 125 grand, they're now eligible" for the relief.
"What's so bad about working through school?" Hannity questioned, stressing that that's how he paid for college.
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On Wednesday, President Joe Biden declared that he was canceling up to $10,000 in student loan debt for borrowers and was extending the payment pause on federal loans until the end of the year.
Under his plan, borrowers making fewer than $125,000 per year, or $250,000 for married couples that file taxes jointly, are eligible for the cancellation. Furthermore, those that got Pell Grants would qualify to get a further $10,000 in cancellation debt, coming to a total of $20,000. Of the 43 million borrowers that would have debt canceled, 27 million are Pell Grant borrowers, about 60 percent.
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Almost 45 percent of people who took out federal student loans would have the whole of their federal student loans canceled under this action, and 95 percent of borrowers benefit from the move.
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Different consequences of Biden's plan include that students will have their payments capped at 5 percent of their discretionary income for loan payments, down from 10 percent. He further announced that after 20 years, a borrower's payment obligation would be reached, and no further payment would be required.
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Fox Business reports that according to the Committee for a Responsible Federal Budget, Biden's student debt forgiveness will cost taxpayers roughly $500 billion while colleges do not face direct financial consequences. "Colleges are loaded. They are rich. They are making phenomenal amounts of money, their endowments are massive. They're just huge," Hannity stated.
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Senate Minority Leader Mitch McConnell claimed the program is "yet another way to make inflation even worse, reward far-left activists, and achieve nothing for millions of working American families who can barely tread water."
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Biden, nonetheless, touted the program to fulfill his campaign promise to cancel $10,000 in student debt. Democrats had initially announced that the White House lacks the authority to cancel debt unilaterally and that the president must go through Congress.
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