Job Creators Network explores legal challenges to block Biden student loan bailout

The Job Creators Network, a small business advocacy group, is exploring legal challenges to block the Biden administration's student loan bailout.

"This move is fundamentally unfair to the tens of millions of hardworking Americans who never went to college and are now forced to shoulder loan forgiveness for the consultant class," group President and CEO Alfredo Ortiz said Wednesday, shortly after Biden's announcement.

"It’s also unfair to those who have scrimped and saved to repay their student loans. They already paid back their student debt, and now they will be forced to pay back the growing national debt as a result of this bailout."

Ortiz called the loan bailout "illegal" and said it would add to the national debt and fuel inflation.

Some critics have argued the bailout is classified as government spending, which a U.S. president doesn't have the legal authority to authorize.

Ortiz also said that rather than addressing skyrocketing college costs, the executive action transfers taxpayer dollars from average Americans to high earners with secondary education degrees,

"Forgiving debt incentivizes colleges to continue raising costs and borrowers to continue not paying back loans," he also said. "Everyday taxpayers are stuck with the tab."