Congressional lawmakers on both sides of the aisle are expressing concerns over President Biden’s new student loan forgiveness proposal. Republican critics, including Senator Marsha Blackburn and House GOP Conference Chairwoman Elise Stefanik, believe the plan is an attempt to buy votes, particularly from progressive youth who are becoming disenchanted with Biden on other issues. The proposal would cancel up to $20,000 in accrued interest on student loans for borrowers, regardless of income level, and totally forgive interest for those in an income-driven repayment plan making less than $120,000 or $240,000 for married couples.
Last spring, there was a bipartisan push to block Biden’s first student loan forgiveness proposal, with some Senate Democrats joining Republicans in voting against it. The initial proposal was eventually struck down by the Supreme Court in July. However, Biden’s new plan is facing opposition from both Democrats and Republicans on Capitol Hill. Senators like Jon Tester and Joe Manchin have expressed concerns about blanket loan cancellation that would force taxpayers to foot the bill without addressing the root causes of the problem. Representatives like Jared Golden and Marie Gluesenkamp Perez have voted against the initial proposal and are taking their time to review the new plan before commenting on it.
House Majority Whip Tom Emmer accused Biden of trying to circumvent the Supreme Court’s ruling against his initial student loan plan last year. He argued that American taxpayers, including those who did not attend college, should not be forced to pay for Biden’s student loan bailout. House Education and Workforce Committee Chair Virginia Foxx criticized the plan for forcing taxpayers to pay for loans that others willingly took out and benefited from. She believes that real solutions are needed to lower the cost of college and fix the federal student loan program.
A White House spokesperson responded to concerns, pointing to a senior administration official who clarified that the new plan differs from the one rejected by the Supreme Court. The administration intends to pursue the regulations in a way that is consistent with the court’s decision and is proceeding under different legal authority, providing targeted relief to borrowers with specific circumstances. The official emphasized that the new plan involves different considerations and is separate from the administration’s prior pandemic relief proposal. Critics, however, remain skeptical of Biden’s student loan forgiveness plan and continue to express concerns about its impact on taxpayers and the overall education system.
