Fact check: Is Biden’s student debt forgiveness really ‘a bailout for rich kids’?

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Fact check: Is Biden’s student debt forgiveness really ‘a bailout for rich kids’?
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Republican advocacy groups including the Republican National Committee and GOP lawmakers...

Student loan borrowers stage a rally in front of The White House to celebrate President Biden cancelling student debt and to begin the fight to cancel any remaining debt on Aug. 25, 2022, in Washington, DC. “Tell Congress, stop Biden’s bailout for rich kids.” — American Action Network

The conservative advocacy group made this claim in a TV ad opposing President Joe Biden’s student loan forgiveness plan for college students. But does the plan mostly benefit the rich?Some borrowers with incomes well above that of the median American household qualify for the debt relief, but the vast majority of student loan forgiveness will go to people on the lower end of the income scale.

“Biden’s plan to pay other people’s college loans using my tax dollars is a great idea,” a waitress says with mock enthusiasm.PolitiFact is a fact-checking project to help you sort out fact from fiction in politics. Truth-O-Meter ratings are determined by a panel of three editors. The burden of proof is on the speaker, and PolitiFact rates statements based on the information known at the time the statement is made.

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