Higher education showered Biden, Democrats with millions in campaign cash prior to student loan handout

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Smedile: Democrats are raising taxes and passing student debt to Americans

America Rising PAC director Cassie Smedile and Fox News contributor Richard Fowler debate President Biden's decision on student loans.

The Democratic Party has deep financial ties to colleges, universities and the higher education industry that predate President Biden's $300 billion student loan handout.

The higher education industry funneled tens of millions of dollars into campaign coffers and other Democrats during the 2020 election cycle, as well as in 2022, according to OpenSecrets, a group that tracks money in U.S. politics.

Biden received more than $64.5 million from individuals in higher education during his 2020 presidential campaign, while Democrats as a whole have raked in at least 70% of all political donations from the industry since 2002.

The president announced Wednesday that he will cancel $10,000 of federal student loan debt for certain borrowers making less than $125,000 per year and up to $20,000 for Pell Grant recipients, while extending the pause on federal student loan payments through the end of the year. 

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President Biden speaks about inflation and supply chain issues in Los Angeles. (AP Photo/Damian Dovarganes)

In 2020, the top 20 recipients of political donations from higher education were all Democrats except former President Trump, who came in at No. 5 on the list with just over $8.8 million. 

Biden's $64.5 million placed him at the top of the list, followed by Sen. Bernie Sanders, I-Vt., with over $17.1 million and Sen. Elizabeth Warren, D-Mass., with over $11.6 million. All three have been staunch proponents of some level of student loan debt cancellation. 

Democrats continue to lead the pack in the current campaign cycle for November's midterm elections, with no Republican candidate breaking into the top 20 list of higher education donation recipients.

Sen. Raphael Warnock, D-Ga., took in the most with over $2.2 million, followed by Sen. Mark Kelly, D-Ariz., with just over $1 million, and Rep. Val Demings, D-Fla., with more than $600,000. Far-left "Squad" member Rep. Alexandria Ocasio-Cortez, D-N.Y., rounded out the list with more than $230,000. 

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Presidential candidates Bernie Sanders and Joe Biden talk before a Democratic primary debate in Charleston, South Carolina, Feb. 25, 2020. (AP Photo/Matt Rourke)

So far this campaign cycle, donations from those associated with the University of California system top the list of who've contributed the most, with a total of more than $4.4 million given to candidates, parties and outside spending groups. Of that $4.4 million, more than $3.9 million went just to candidates and parties, with 96.3% of that amount going to Democrats and just 2.4% to Republicans. 

Stanford University came in a distant second with more than $1.8 million total given, and the State University of New York system in third with more than $956,000 total. Rounding out the top 20 was Duke University with more than $457,000 total. 

Of the amounts from the top 20 contributing institutions this campaign cycle that went just to candidates and parties, Democrats never received less than 80.1% of the contributions.

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Rep. Chris Pappas speaks at the Manchester Democratic City Committee Flag Day Dinner in New Hampshire, June 14, 2019. (Reuters/Brian Snyder)

Biden was immediately hit with sharp criticism over his student loan handout announcement, including from some Democrats.

Rep. Chris Pappas, D-N.H., who is facing a tough re-election campaign, rebuked Biden over the plan, arguing it didn't actually address the problem of affordability when it came to attending a college or university. Pappas also stressed that such an action should be taken at the legislative level, rather than through executive action.

Fox News' Brook Singman contributed to this report.