Republican leaders warned on Wednesday of the dangers of the Biden administration's plan to forgive student debt.
Kevin Brady, the Republican leader of the House Ways and Means Committee, said that the student debt forgiveness plan was a handout to college graduates. It will make college costs worse.
Biden's plan to forgive student debt through executive action was on shaky legal ground according to Rep. Tom Rice. Republicans will try to stop the president from canceling the debt without Congress.
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Many borrowers will take on more debt in the future, not less, if they know the government can forgive debt with a pen.
There was no response from the White House.
Student loan forgiveness can be seen as a handout to the well-off, according to advocates.
Mushrooming tuition prices coupled with stagnant household wages have forced more and more families to borrow to attend college, an increasingly necessary step for landing in the middle class. Most of the debt is being shouldered by black Americans and women.
"All of these fat cats, and people who never want to see help for working people and poor people come up with these myths," Senate Majority Leader Chuck Schumer, D-N.Y., said in June.
Schumer said that this isn't a problem for wealthy people. Working-class people are being affected by it.
More than 40 million Americans are in debt for their education, with an accumulative debt of over $1 trillion.
When federal student loan payments were put on pause in March of 2020 as part of the government's response to the swine flu, about a quarter of borrowers were in delinquent or default.
There is a chance that student loan forgiveness will come soon. We want to hear from you about how the relief will affect you.
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