A vulnerable Senate Democrat pilloried Biden's $10,000 student-loan forgiveness plan — unless it's paired with bigger reforms

The White House's plan to cancel at least $10,000 in student loans per person was lambasted by Sen. Michael Bennet of Colorado.

In order to fix a lending system that has saddled students with larger amounts of debt over the years, the Biden administration should pair student loan forgiveness with broader reforms, argued Bennet, a Democrat who is facing an increasingly tough re-election campaign.

Bennet said that Americans deserved more than just student debt relief. Cancelling college debt doesn't do anything to address the cost of college or fix the student loan program.

He said that it doesn't offer anything to Americans who paid off their college debts or those who chose a lower price college to avoid debt. It ignores the majority of Americans who never went to college, some of whom have huge debts that are just as unfair.

The $200 billion price tag of Biden's student loan forgiveness proposal could be directed toward a two-year extension of a monthly child allowance or a down payment on a house, according to Bennet.

Some Democrats are still worried about Biden's possible move to forgive some student loan debt by the summer. Bennet is worried that the benefits will go to well-off individuals with college or graduate degrees, which could cause a backlash among lower-income voters.

That could expose the party to the GOP's attacks that Democrats are bailing out the rich over the poor.

It can be difficult to target student-loan relief to low-income borrowers due to paperwork difficulties.

A liberal activist was critical of Bennet. More than 735,000 Coloradans have student loan debt with an average debt of over $26,000 according to a report. She said that Bennet needed to meet with additional borrowers to fully understand the scope of the crisis.

Recent reports suggest that Biden is considering forgiveness for borrowers making under $150,000 a year, but he has yet to comment. Bennet is worried that the relief might be too expansive, but some of his colleagues are against it.

After the current pause on student-loan payments ends on August 31, the only thing Biden's administration has said is that borrowers should start paying off their debt. The Wall Street Journal reported on Monday that, according to administration officials, Biden probably won't announce relief until July or August.

"How to create a pathway to economic security for every American who graduates from high school, including those who don't go get a four-year degree is the bigger question we should be asking," said Bennet. When the economy grows, it should be for everyone, not just the top 10%.