Hannity says his own staffers don't deserve student debt relief

In a recent clip from his radio show Sean Hannity said Biden's plan for student debt relief is "a reckless economic decision on every single level" and that his own staffers' student loans shouldn't be forgiven.

In a clip, posted Monday by Jack Posobiec, Hannity said Biden's plan was a version of Green New Deal "radical socialism," and created "very perverse incentives" for Americans.

Hannity noted that he had many young staffers on his Fox News show and "they're not making 125 grand, they're now eligible" for the relief.

"What's so bad about working your way through school?" Hannity asked, noting that that's how he paid for college.

On Wednesday, President Joe Biden announced that he was canceling up to $10,000 in student loan debt for borrowers and was extending the payment pause on federal loans until the end of the year.

Under his plan, borrowers making less than $125,000 per year, or $250,000 for married couples that file taxes jointly, are eligible for the cancellation. In addition, those that received Pell Grants would qualify to receive an additional $10,000 in cancellation debt, coming to a total of $20,000. Of the 43 million borrowers that would have debt canceled 27 million people are Pell Grant borrowers, roughly 60 percent.

Nearly 45 percent of people who took out federal student loans would have the entirety of their federal student loans canceled under this action and 95 percent of borrowers benefit from the move.

Other consequences of Biden's plan include that students will have their payments capped at 5 percent of their discretionary income for loan payments, down from 10 percent. He also said that after 20 years, a borrower’s payment obligation would be reached, and no further payment would be required.

Fox Business reports that according to the Committee for a Responsible Federal Budget, Biden's student debt forgiveness will cost taxpayers roughly $500 billion while colleges do not face direct financial consequences. "Colleges are loaded. They are rich. They are making phenomenal amounts of money, their endowments are massive. They're just huge," Hannity said.