Claiming it will cost roughly $2,100 per taxpayer, Republican Texas Sen. Ted Cruz this week joined fellow conservatives in slamming the Biden administration's federal student loan debt forgiveness plan.

What You Need To Know

  • Republican Sen. Ted Cruz in a statement and tweet this week condemned the Biden administration’s student debt relief plan, calling it “illegal” and “morally bankrupt”

  • Cruz claims a great deal of that student loan debt is held by “Washington bureaucrats” and the plan will force taxpayers to pay off their college degrees

  • Cruz further claimed that the program will cost taxpayers about $2,100. However, a check of the facts shows those earning less than $50,000 per year will pay significantly less

  • Under the plan, many Americans will have up to $10,000 in loans forgiven. It’s up to $20,00 for those who qualified for Pell grants

Under the plan, many Americans will have up to $10,000 in loans forgiven. It’s double if they qualified for Pell grants.

Cruz in a statement claimed a sizeable chunk of that loan debt is held by people in the U.S. capital.

“The highest concentration of loan debt is held by people in Washington, DC. This administration’s policy is to force blue collar workers and American families across the country to pay off the cost of a Washington bureaucrat’s college degree – it’s morally bankrupt,” Cruz wrote.

In order to qualify for up to $10,000 in forgiveness, your loan must be held by the Department of Education and your income cannot exceed $125,000 per year individually or $250,000 for a family. Cruz called it a “gut punch” to single mothers and others.

“This announcement is a gut punch to every hard working single mother who worked double shifts in order to pay for her own education, every parent who borrowed against their home to send their kid to college, Americans who sacrificed to make responsible financial decisions, and our nation’s veterans and service members who risked their lives to earn the G.I. Bill,” he wrote.

Cruz in his criticism claimed the program will cost each taxpayer $2,100. However, a fact check reported on by Newsweek suggests it’s not that simple and that taxpayers earning less than $50,000 per year will pay significantly less. Those making more than $200,000 per year will pay more.

“Let’s be clear—there is no way to ‘cancel’ student debt. This will cost every taxpayer an average of $2100,” Cruz wrote. “Someone will pay the price for this policy and the price is likely to be felt by every American in the former (SIC) of even higher inflation. This administration is exceeding its legal authority and illegally burdening hard-working Americans with debts they didn’t take on themselves.”

The Associated Press contributed to this report.