Lawmakers sound alarm over Biden’s plan to write off student loan debt: ‘Crazy idea’


NEWYou can now listen to Fox News articles!

Republican and Democratic lawmakers have sounded the alarm over President Biden’s potential plan to write off student loan debt and suggested alternatives to prop up borrowers without costing taxpayers billions.

Biden told a press conference late last month that he was considering writing off “some” student loan debt.

“I’m not looking at a $50,000 debt relief, but I’m seriously considering whether or not there will be additional debt relief,” Biden said.

WHITE HOUSE LOOKS AT REVENUE CAP ON STUDENT LOAN FORGIVENESS, HAS NOT STUDYED HOW THIS MAY AFFECT INFLATION

“I think it’s a crazy idea, it wastes too much money,” Maryland Gov. Larry Hogan, R., told Fox News Digital at the 2022 Milken Institute Global Conference. “We’ve worked to try to make college more affordable, we’ve tried to help people who are struggling, but to say we’re just going to pump more money into an economy where we have inflation out of control…I don’t think that this is the right solution.”

Rep. Cheri Bustos, D-Ill., said lawmakers need to consider whether the country can afford to forgive student loan debt.

“I don’t think it can be just a cover, ‘we’re going to wipe out all student loans,'” she said. “I think there are all kinds of levels that we really need to dig into.”

Some members of the media don’t think student debt cancellation is such a crazy idea.

MSNBC host Mehdi Hasan applauded Biden’s plans and encouraged him to “do it.”

“Federal student debt cancellation could be a game-changer before midterms. Activists under tension, grassroots cheering, young people running again. And best of all: Joe Manchin couldn’t do anything to stop Joe Biden to do it,” Hasan said.

LIBERALS EXPECT REPUBLICANS TO CRITICIZE BIDEN’S PLAN TO CANCEL STUDENT LOAN DEBT

Washington Post columnist Perry Bacon presented “The Political Case for Canceling Student Loan Debt.”

“There are three big election reasons to write off student loan debt,” Bacon wrote. “To appeal to young voters and those in debt, to please the Democratic base, and to build momentum for the Biden presidency.”

Washington Post columnist Perry Bacon wrote a column titled “The Political Case for Canceling Student Loan Debt.”

Another Washington Post columnist, Christien Emba, asked, “Why such a lack of compassion for student debt?”

“Why can’t we let good things happen to other people?” she asked.

Author Christina Wyman called the opposition to student loan forgiveness “selfish” and “extreme” in an NBC News column.

Lawmakers who spoke to Fox News Digital backed alternative plans to help borrowers pay off student loan debt.

Joe Biden floated the idea of ​​canceling some student loan debt.

Joe Biden floated the idea of ​​canceling some student loan debt.
(Reuters)

“My vision is that we should have a way to reward people who have taken out a student loan with an incentive to be repaid by an employer,” French Hill Rep. R-Ark said.

“My vision is that we should have a way to reward people who have taken out a student loan with an incentive to be repaid by an employer,” Hill added. “We have to be positive about this because it’s totally unfair to … the thousands of people who have worked so hard to pay off their student loans just to have Uncle Sugar in the form of Joe Biden on forgiven.”

MEDIA PERSONALS AND POLITICIANS REACT TO BIDEN MULLING’S STUDENT LOAN FORGIVENESS: ‘THIS IS BULLCRAP’

Rep. Peter Meijer, R-Mich., suggested pulling the federal government out of the student loan business altogether and having a conversation “about where the liability really ends.”

“If this was a scam, if this was a fraudulent effort, as some forgiveness conversations suggest, then who were the perpetrators? It was the universities.” He said. “It was mostly for-profit universities. It was mostly the ones that offered graduate degrees of questionable value and value.”

Bustos suggested considering some student loan forgiveness, but on a more limited scale.

Rep.  Cheri Bustos

Rep. Cheri Bustos
(Bill Clark/CQ Roll Call)

“I think we need to take a look at the professions where we really struggle to fill them – teachers, nurses, for that matter, even apprenticeships in jobs … where we build things,” said she declared. “First of all, can we afford this as a nation? Number two, is it worth looking into by profession? And then number three, is it worth taking a look at? eye to those who hold the best-paying jobs?

During his presidential campaign, Biden supported writing off $10,000 in student debt for most borrowers, but raised questions about his legal authority to do so by executive order. At a press briefing last week, press secretary Jen Psaki said an income cap for student loan forgiveness was under consideration.

CLICK HERE TO GET THE FOX NEWS APP

Biden extended the student loan repayment freeze until August 31, citing the COVID-19 pandemic.

Fox News’ Hanna Panreck and Brooke Singman contributed to this report.


foxnews

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button