President Joe Biden canceling student debt could win him and other Dems votes in November and beyond — something Senator Ted Cruz is well aware of … in hilarious terms.

The legislator from Texas was firing away on his podcast, “The Verdict with Ted Cruz,” over JB’s decision to dish out upwards of $20k for free to people with outstanding loans — under certain parameters, of course … saying it could have a significant impact politically.

Watch … TC says, yeah — it could get a certain demographic of the Democratic party off their asses and out at polling places for the midterms … but he makes that point with some jabs.

He says the “slacker baristas” who wasted years at college with nothing to show for it now are probably ecstatic over this news — and he worries they may even pay Joe back in key votes for both 2022 and 2024 … assuming they put the bong down and remember to do it.

It’s pretty funny that this is who Cruz thinks this will be affected … hippy-dippy losers working at Dunkin’ — it’s just such an outdated caricature. Anyway, his point is well taken.

While Biden’s student loan forgiveness is being celebrated by many, it’s also receiving a lot of criticism … with some noting that the financial burden it creates falls on tax payers, not to mention screwing people who, in the past, already paid their debts fair and square.

He and his cabinet members, including the Sec. of Education Miguel Cardona, addressed that last week — with their argument essentially boiling down to … tough luck, this is for the greater good.