A CNBC anchor revealed Wednesday that most beneficiaries of President Joe Biden’s student loan forgiveness plan to spend the money on travel and eating out.
“Well, that — that could be according to one survey, but you know, it could be easy as well for some people to enjoy traveling and eating out rather than worrying about the future,” Dierdre Bosa, host of CNBC’s “Tech Check,” told on NBC News Now hosts Morgan Radford and Vicky Nguyen. “One financial coach tells CNBC.com that you should not use the loan forgiveness only for long-term goals, your short — short-term self may get frustrated and give up on planning ahead altogether.”
The survey conducted on Oct. 20 by Intelligent.com revealed that 73% of respondents planned to use the money — up to $300 a month, according to CNBC — for non-essential items, like dining out, travel or smartphones.
“So instead, they say make sure your regular bills are paid, check in on your goals and try to achieve a balance that also lets you invest in your future self,” Bosa continued.
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Biden announced in August that $10,000 in student loan debt would be forgiven for those who earn less than $125,000, with Pell grant recipients receiving an additional $10,000 in debt relief. The Congressional Budget Office estimated that the bailout would cost taxpayers $430 billion in a Sept. 26 letter to Republican Sen. Richard Burr of North Carolina and Republican Rep. Virginia Foxx of North Carolina.
Republicans criticized the plan, calling it a “bailout for the wealthy.” Six states sued to block the program, with the United States Court of Appeals for the Eighth Circuit issuing an administrative stay on Oct 21.
The White House did not immediately respond to a request for comment from the Daily Caller News Foundation.
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