“Let’s be clear – there is no way to ‘cancel’ student debt,” Sen. Ted Cruz (R.-Texas) said in a statement. “This will cost every taxpayer an average of $2100. Someone will pay the price for this policy and the price is likely to be felt by every American in the form of even higher inflation. This administration is exceeding its legal authority and illegally burdening hard-working Americans with debts they didn’t take on themselves.”