Texas GOP Sen. Ted Cruz said Friday that there is a “real risk” that President Biden’s student loan forgiveness program will drive Democratic turnout this midterm election season. “If you’re that slacker barista who wasted seven years in college studying completely useless stuff, now has loans and can’t get a job, Joe Biden just gave you 20 grand,” he said on his “Verdict with Ted Cruz” podcast. FILE PHOTO: U.S. Senator Ted Cruz (R-TX) addresses a press conference on Capitol Hill in Washington, U.S., October 6, 2021. (Reuters) WHITE HOUSE SAYS STUDENT LOAN COST $24 BILLION A YEAR, APPLICATIONS WILL BE AVAILABLE IN OCTOBER “Like, holy cow! 20 grams. You know, maybe you weren’t going to vote in November, and all of a sudden you got 20 grams. And you know, if you can step away from the bong for a minute and head to the polling place,” he continued. It could increase participation especially among young people.” U.S. borrowers owe an average of $37,667 on student loans according to the Education Data Initiative, though amounts owed can vary by grade and location. Biden this week announced a student loan forgiveness plan that could help reduce undergraduate loan payments by $10,000 for people making less than $125,000 a year. Recipients of Pell grants can see up to $20,000 in relief. President Biden speaks during a news conference in the Roosevelt Room of the White House in Washington, DC, Wednesday, August 24, 2022. (Bonnie Cash/UPI/Bloomberg via Getty Images) COOPERATIVE MAJORITY OF VOTERS CHOOSE BIDEN’S STUDENT LOAN While some supported the plan as a way to reduce student debt and help the lower and middle classes, others questioned how fair it was to people who have already paid off their mammoth loans but won’t see relief. Republicans also questioned how it would affect American taxpayers, particularly those who did not receive relief but could theoretically see an increase in taxes. “This could all play out badly for Democrats,” Cruz said Friday. “But let me give you the twist – it could be a political stroke.” Student loan borrowers hold a rally in front of the White House to celebrate President Biden for canceling student debt and starting the fight to cancel any remaining debt on August 25, 2022, in Washington, DC (Paul Morigi/Getty Images for We the 45m CLICK HERE TO GET THE FOX NEWS APP The White House said Friday that the student loan forgiveness plan, estimated to cost $24 billion a year for the next decade, will not trigger a federal tax bill. The administration also said it believes the plan will be “paid for in full” by 2022 revenue alone, which is on pace to reduce the US deficit by $1.7 trillion. Caitlin McFall is a reporter for Fox News Digital. She can be reached at [email protected] or @ctlnmcfall on Twitter.
