President Joe Biden’s student loan bailout will be a “boon” for doctors and lawyers, according to a new analysis of Department of Education data conducted by The Daily Wire. Those professions hold a “vast majority” of the debt, according to the analysis which covered one year of student loan data for the 2020-21 school year.
The analysis only covered direct federal student loans, and not private funds nor Pell grants.
The conservative outlet reported further:
A smaller component is billions of dollars in loans to people with less-marketable degrees who incur debt that amounts to a bad investment (such as $100 million a year in loans for gender and ethnic studies), leaving them with salaries that are unable to pay for the loans. The data suggests that President Joe Biden’s plan to forgive student loans amounts to a subsidy primarily to doctors and lawyers, and secondarily to people who acquired knowledge and skills that are not in demand.
“The bottom line is that this move is a massive debt transfer from those who took out student loans onto those who chose not to or could not attend college,” Lindsey Burke, a higher education expert at the Heritage Foundation, told the Daily Wire.
The report also revealed that $1.3 billion of the debt is held by “parks, recreation, leisure, fitness, and kinesiology [students],” according to the analysis.
Burke also said that doctors and lawyers have reaped rewards from the pause on student loan payments, which will reach almost a full three years since starting in March 2020.
“An analysis by the Committee for a Responsible Federal Budget found that those holding medical degrees have already received $48,500 in benefit and those with law degrees have received $29,500 on average as a result of interest not accruing on their loans since March, 2020,” Burke told the Daily Wire.
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