Republicans Lay Into Biden’s Student Loan Forgiveness Plan

Many Republicans have responded negatively to President Joe Biden’s announcement of his 🎓Student loan forgiveness plan.

As IJR previously reported the president outlined a plan that would forgive up to $20,000 per borrower and allows for an extension of the COVID-era pause on payment requirements. The plan also allows for a cap on payments equal to 5% of the borrower’s monthly income for those with undergraduate loans.

Republican National Committee Chairwoman Ronna McDaniel reacted to the announcement saying, “According to the Penn Wharton Budget Model, Biden’s loan bailout would cost between $300-$980 billion. The majority of money would go toward the top 60% of earners.”

Senate Minority Leader Mitch McConnell (R-Ky.) spoke to the issue saying, “Washington Democrats have found yet another way to make inflation even worse, reward far-left activists, and achieve nothing for millions of working American families who can barely tread water,” according to Fox News’ Chad Pergram.

“President Biden’s student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who volunteered to serve in our Armed Forces in order to avoid taking on debt,” McConnell said.

Not every negative response was from Republicans, however. CNBC contributor Alex Kantrowitz responded saying the move “sends a terrible signal to everyone who paid their debt and is paying their debt. And to all schools who pass runaway costs to those who can’t afford them … The fact that the rest of U.S taxpayers now have to pick up the tab is frankly insane.”