Student loan payments are set to resume Oct. 1, after borrowers had a three-year break due to COVID-19 . And while the Supreme Court spiked President Joe Biden’s grand gesture of student loan forgiveness, that hasn’t deterred the administration from trying to help student loan borrowers at the expense of all taxpayers.

Its latest plan to “save” borrowers from repaying their loans comes in the form of an income-driven repayment program called Saving on a Valuable Education (SAVE). More than 4 million borrowers have signed up so far.

The plan would be more expensive than loan forgiveness would have been, and it won’t save Americans from the perpetual reliance on expensive college degrees for success.

SAVE will reduce undergraduate loan payments from 10% to 5% of a borrower’s disposable income, it will expand the number of borrowers who have minimum monthly payments of $0, and it will forgive interest payments in excess of the required monthly payments. Furthermore, unlike other income-based repayment programs, the SAVE plan will forgive loans faster for low-balance borrowers.

The Biden administration claims that these changes are “critical” for low- and middle-income borrowers. But look at the price tag: The SAVE plan is more costly than loan forgiveness; American taxpayers could pay up to $550 billion over the next 10 years to subsidize student loan borrowers. That’s not fair, and it’s not worth it, especially when you consider the perverse incentives the plan would create that will hurt Americans long-term.

SAVE further subsidizes the higher education industry, even as more Americans are skeptical of a college degree’s value. A Wall Street Journal-University of Chicago NORC poll recently found that more than half of Americans do not think a degree is worth the costs. A Gallup poll found trust in higher education institutions has dropped considerably across all political groups since 2015.

Gen Z, the current college-going population, would rather gain practical skills than attend four years of college. The government’s continued subsidization of education — a conveniently timed bailout as these institutions struggle with enrollment declines — makes the college-industrial complex stronger. Instead of facing cuts and losses like any other business, universities receive special protection. Universities can also increase prices , as students can turn to generous loan repayment programs such as SAVE. As Americans become more willing to pursue alternatives to higher education, the SAVE program only makes it harder to dislodge higher education’s stranglehold on society.

The Biden administration’s SAVE program also rewards college graduates for remaining in low-paying fields. For example, individuals who make less than $32,800 annually would pay $0 in their monthly loans. This $0 would count as one of the payments required for the borrower to receive forgiveness. If this same person were to earn the average college graduate salary of around $56,000, they would owe nearly $200 per month.

By adjusting the relative cost of borrowing based on post-graduation income, Biden’s SAVE program further weakens the incentive for borrowers to study high-paying fields. This is counterproductive, especially since the primary purpose of subsidizing loans for low-income borrowers is to help them increase their economic status. Taxpayers should not be on the hook for a program that indirectly bails out low-paying degree programs.

Republicans in Congress plan to repeal the SAVE plan in an upcoming Congressional Review Act, a tool that allows Congress to quickly rescind recently enacted government policies. This is a good start. Additionally, lawmakers should proactively roll back federal student aid, redirecting funds to students with the best academic and economic returns. This is the only way to ensure public funds produce positive outcomes for students and families.

Neetu Arnold ( @neetu_arnold ) is a research fellow with the National Association of Scholars and a Young Voices Contributor.