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President Joe Biden (D) announced on Wednesday that he will be canceling thousands of dollars in federal student loan debt for borrowers making less than $125,000 a year and those making above that threshold wouldn’t qualify for forgiveness.

The plan will cancel up to $10,000 and is seen by many as having blue-collar workers pay for the debts of college graduates. Additionally, Biden announced that he will be extending the pause on student loan payments for borrowers until December 31, notably just after the midterm elections.

A new analysis by the Penn Wharton Budget Model found that such a program will cost the taxpayer $300 billion in the first year with, “69 and 73 percent of the debt forgiven accrues to households in the top 60 percent of the income distribution.”

The average cost per taxpayer to pay for failed college graduates who got degrees in social justice would come out to nearly $2,100 largely driven by increased taxes on everyday Americans.

The National Taxpayers Union Foundation found similar findings with the estimated cost being $2,085.59 per taxpayer, per The New York Post.

“Some may dispute that taxpayers bear the cost of canceling student debt. But the $329 billion cost of student debt cancellation would be $329 billion previously borrowed from the federal government and not returning to the Treasury,” the foundation said in a report. “Policymakers will need to make up for that gap in the future with government spending cuts, tax increases, more borrowing, or some combination thereof.”

GREG GUTFELD DESTROYS DEMOCRATS PUSHING STUDENT LOAN FORGIVENESS: ‘YOU MAKE ME SICK’

Many prominent Republican legislators and commentators have come out against student loan forgiveness arguing that college graduates are getting a free ride after taking out loans irresponsibly while thousands of others didn’t attend college.

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“My neighbor, a detective, worked 3 jobs (including selling carpet) & his wife worked to make sure their daughter got quality college degree w/no student debt. Big sacrifice,” tweeted Rep. Kevin Brady (R-Texas). “Now their taxes must pay off someone else’s student debt?”

“I have a controversial idea about paying off student loan debt,” Ben Shapiro tweeted. “don’t take out debt you will likely be unable to pay off, and don’t ask others to pay off your debts.

“Here are some facts: Only 37% of Americans have a 4-yr college degree, only 13% have graduate degrees, and a full 56% of student loan debt is held by people who went to grad school,” tweeted Greg Price, adding, “Biden’s plan to cancel it would be like taking money from a plumber to pay the debt of a lawyer.”

While President Biden continues to give handouts to his base of supporters, white liberal college graduates, he continues to hurt hard-working Americans trying to make ends meet across the country. If you saved up money for college, if you decided to not attend and pursue your career, or if you responsibility paid off your debts, now with Biden’s loan forgiveness, blue-collar workers will be forced to pay for other people’s financial burdens.

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