The Biden administration announced Monday that it would introduce a new wave of student loan cancellation through the SAVE program covering a wide range of debtors. To date, the administration’s debt forgiveness has risen to a staggering total of $146 billion. Perhaps unsurprisingly, the Biden administration has accelerated their loan-canceling agenda to boost its dwindling support amongst a key voting demographic ahead of this year’s election. While it is known that student loan cancellation is bad economic policy, the SAVE program is a particularly aggravating one, as it may cost more than e…