PENNSYLVANIA — President Joe Biden yesterday announced a new plan to provide loan forgiveness for as much as $10,000 or $20,000 in student loan debt for millions of borrowers. This plan is estimated to cost $300 billion in 2022, according to a study from the University of Pennsylvania’s Wharton School. The goal of this program is to make it easier for Americans with student loan debt to pay back their loans and get on with their lives.
The Pennsylvania State Republican Campaign Committee (PA SRCC) released a statement in response to President Biden’s plan to eliminate student loan debt. The PA SRCC Communications Director Michael Straw stated that the Democrat Party cannot be truly serious about tackling inflation while supporting this regressive loan forgiveness plan.
Straw stated, “While middle- and lower-class Pennsylvanians are struggling with soaring costs, high gas prices, and a recession, Joe Biden is exacerbating the problem with these radical policies. Worse yet, Biden is saddling the cost burden of eliminating loans on the 2/3 of Pennsylvanians who didn’t go to college. Joe Biden and the Democrat Party turned their back on the working class long ago, and [this] announcement is just further evidence to that fact.”
Student debt relief is one of the key platforms that President Biden ran on during his campaign. If all borrowers claim the relief that they’re entitled to, 43 million federal student loan borrowers will benefit. And of those, 20 million will have their debt completely canceled.
Opponents of this plan argue that it is unfair to those who have already paid off their loans, and that it would saddle the cost burden on those who didn’t go to college. They also argue that Joe Biden and the Democrat Party have turned their back on the working class by proposing this plan. However, proponents of the plan argue that it would provide much-needed relief to millions of Americans who are struggling to pay off their loans, and that it would boost the economy by freeing up money for other investments.
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