The student loan forgiveness plan was criticized by several Republican lawmakers.
Up to $10,000 in student debt for federal borrowers who make less than $125,000 a year and $20,000 in student debt for Pell Grant recipients will be canceled, according to Biden.
The debt cancellation is unfair to other borrowers, future taxpayers, and working class families according to Republicans. Some of the most vocal critics of student loan forgiveness are Republicans who graduated from universities that cost less to attend.
Senate Minority LeaderMitch McConnell called the policy "astonishingly unfair" when he was a graduate of the University of Louisville.
McConnell said President Biden's student loan forgiveness was a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in the military.
Warren said that McConnell graduated from a school that cost $330 a year. It costs over $13,000 today. McConnell has done nothing to fix it, and is irate that the President is helping people who are in debt. The lectures on fairness can be spared by him.
"Biden's debt transfer scam will make inflation worse and does nothing to stop the runaway cost of college for most families," House Minority Leader Kevin McCarthy said in a statement. Americans can't afford the radical agenda of Democrats.
College has become more expensive for many Americans.
—Kevin McCarthy (@GOPLeader) August 25, 2022
McCarthy received his degree from California State University in 1989. The university's tuition for in-state students was less than a year ago. For in-state residents, the tuition was $5,742. Room and board and other fees are not included.
This is not a new thing.
According to a report from the Georgetown University Center on Education and the Workforce, the cost of undergraduate education has gone up by 169%.
It's not fair for taxpayers to pay off student loans, according to a lawmaker.
"And taxpayers all over the country, taxpayers that never took out a student loan, taxpayers that pay their bills and maybe even never went to college, they shouldn't have to pay off the great big student loan debt for some college student." Green said in the interview that it was unfair.
—The White House (@WhiteHouse) August 25, 2022
The University of Georgia had a graduate in 1996. She paid $836 per term for in-state residents when she graduated. In-state residents pay $11,180 in tuition and fees for the academic year that ends in 2023.
The official White House account called out several Republicans for bashing student loan forgiveness. The original loan of $182,300 was included in the data from the Small Business Administration that was compiled by ProPublica.
In the aftermath of Biden's order, Rep. Matt Gaetz said that people who are victims of predatory systems should be allowed to declare bankruptcy.
Gaetz graduated from Florida State University in 2003 with a tuition and fees of over $2,500. It's now worth $5,656.
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