Canceling student loan debt would cost the federal government billions
Since President Joe Biden took office, his administration has canceled billions of dollars in student loan debt. Most recently, in early October, the Education Department announced sweeping changes to its Public Service Loan Forgiveness program, immediately erasing the debt of 22,000 borrowers.
Now some social media users say it's in the federal government's best financial interest to go ahead and cancel all student loan debt.
"Wait was nobody going to tell me that US student loans cost the government over $60B more to service than they bring in a year???" reads text in an Oct. 25 Facebook post. "They could literally be cancelled this second and the gov would have *more* money."
The post, shared more than 500 times within a few days, stems from an Oct. 21 tweet with more than 4,500 retweets. Similar claims have racked up thousands of interactions on Facebook, according to CrowdTangle, a social media insights tool.