College graduates outraged over Biden's student loan handouts: Doesn't 'fix the systemic problem'

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Biden admin faces anger from graduates over student debt handout: 'Buying votes'

The Biden administration is offering up to $20k in student loan handouts, prompting backlash from college graduates about the real cost and impact of the policy.

President Biden is facing backlash over his student loan handout plan, prompting outrage from many college graduates who paid off their loans or do not qualify for the assistance.

Samantha Smith, a teacher and college graduate with student loans, joined "Fox & Friends" on Thursday to discuss the impact of the policy and why she is outraged over the announcement. 

"People that don't work, they're getting handouts, and also people that are going through with college and paid their debts already," Smith told co-host Steve Doocy. "They have already paid the price, and right now, they're going to continue to pay for people who are getting handouts. I know I'm one of them."

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"I have private loans, more than $100,000, and for someone like me, I don't qualify," she continued. "But you bet your bottom dollar I'll be paying. I have a variable loan, so it's increasing with the inflation, and now it's just going to go up even more."

U.S. President Biden departs from Holy Spirit Catholic Church after attending Mass on St. Johns Island, South Carolina, U.S., August 13, 2022. (REUTERS/Joshua Roberts)

The plan, announced on Wednesday, affects 43 million borrowers. It cancels up to $20,000 of student loan debt for Pell Grant recipients and $10,000 for some borrowers making less $125,000 per year. 

The handout also extends the pause on student loan payments through December. 

Cole Lyle, who is a U.S. Marine veteran, used the GI Bill to attend college, but still had to take out a loan given the high cost of university. 

He weighed in on how the policy is deemed legal under post-9/11 legislation meant to benefit America's service members. 

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"I used the GI Bill to go to school," Lyle said. "I was self-aware enough out of high school to know that I wasn't ready for college, and if I eventually wanted to go back to school, I would have that benefit, so I signed with that implicit understanding that I would have that I utilized."

"It turns out college is so expensive, I still had to take out $10,000 student loans, which I've since paid," he continued. 

Dana Hall McCain, a college graduate with no student loans, said she and her siblings chose "pragmatic" colleges, so they would not have to endure a significant financial burden upon graduating. 

"This policy doesn't do anything to fix the systemic problem," McCain said. "We're making three unwise loans, and it's like bailing water out of a boat without plugging the hole in the bottom, essentially."