Americans already reacting to Biden's student loan handout plan: 'Highly suspicious'

Perino: Debt doesn't get canceled, it gets transferred to someone else

'The Five' co-host Dana Perino said student loan debt cancellation is "inflationary," "immoral" and "unethical."

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President Biden on Wednesday announced a student loan handout plan that essentially would use taxpayer money to pay off up to $10,000 of student debt per borrower making less than $125,000 per year.

That means Americans may be footing a nearly $300 billion bill if Biden goes through with the reported plan — plus extends a repayment pause to next year.

The nation's federal student debt now tops $1.6 trillion after ballooning for years. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

The U.S. federal debt is projected to nearly double the size of the economy by 2051, slowing economic growth and raising the risk of a fiscal crisis, the Congressional Budget Office said in late July, as FOX Business reported.

JOE BIDEN EXPECTED TO ANNOUNCE $10,000 STUDENT LOAN FORGIVENESS PROGRAM ON WEDNESDAY: REPORT

Many hardworking, play-by-the-rules Americans have diligently paid off their student loans as a matter of personal responsibility. They believe in taking care of their obligations; for them, it was and is the right thing to do, a variety of individuals expressed to Fox News Digital.

"In general, I am skeptical of what the government does," Bruce Paulson of North Carolina told Fox News Digital this week, "and I would be highly skeptical of the government forgiving all or part of a student loan."

Bruce Paulson of North Carolina said this week of Biden's reported student loan handout plan, "If people don't learn the dangers of taking on too much debt the first time they make that mistake, how big of a mistake will they make taking on debt in the future to buy a house or some other big-ticket item?" (Bruce Paulson)

"To do that," he added, "they would also be breaking contracts — which is not good."

A digital marketing expert and founder of his own company, Paulson, 42, toiled for almost two decades to pay off his own student loan debt of nearly $28,000.

NC MAN PAYS OFF ENTIRE STUDENT LOAN OF $28K — ‘CANNOT DESCRIBE HOW HAPPY’

"It took me 19 ½ years to pay it all off," he said about the accomplishment, of which he is proud to this day, he said.

Though that's a long stretch of time, he said that "if I hadn't made the extra payments toward the principal those first few years, it would have taken much longer."

"I'd make sure to read the fine print on any loan forgiveness to fully understand all consequences, repercussions and taxes that may come due."

Speaking of Biden's student loan handout plan before its announcement, Paulson told Fox News Digital, "Who loaned the money to these students? Will those entities be made whole and paid off by the government? Or do they get shafted?"

He added, "I find government handouts highly suspicious and [they] often come with unforeseen handcuffs."

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Paulson said as well, "I'd make sure to read the fine print on any loan forgiveness to fully understand all consequences, repercussions and taxes that may come due in the future."

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