Republicans attack Biden over plan to forgive $39 billion in student loan debt

Republicans attacked President Joe Biden after his administration announced on Friday that it would forgive $39 billion in student loans, aiding over 804,000 people.

The Department of Education said in a statement that loan forgiveness was made possible through fixes made to the federal student loan system, specifically in counting “the number of monthly payments that qualify toward forgiveness under income-driven repayment (IDR) plans.” Income-driven repayment plans are designed for low-income borrowers and set repayment rates at affordable levels.

“By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans. This Administration will not stop fighting to level the playing field in higher education,” Education Secretary Miguel Cardona said in the statement.

Vice President Kamala Harris said in a press release announcing the action, “Our Administration will continue to fight to make sure Americans can access high-quality postsecondary education without taking on the burden of unmanageable student loan debt.”

The department said that since Biden took office, his administration has approved over $116.6 billion in student loans, affecting 3.4 million borrowers.

Republicans criticized the decision to forgive educational debt.

“Today’s celebration of counting no payments as payments is just the latest example of the ongoing delusion at the White House,” Rep. Virginia Foxx (R-NC), chairwoman of the House Committee on Education and the Workforce, said in a statement. “This president is dead set on ruining our postsecondary education financing system for a few votes next November, taxpayers and the rule of law be damned.”

Rep. Lisa McClain (R-MI) attacked the action in a statement on the floor of the House and wrote in a tweet, “Biden’s unconstitutional loan forgiveness scheme is a slap in the face to hard-working taxpayers that have dutifully paid off their student loans.”

Sen. Eric Schmitt (R-MO) tweeted: “Joe Biden is at it again with another student loan debt bailout scheme. It’s another example of Executive overreach. He simply doesn’t have the authority. This is a completely lawless Administration.”

“This administration has no respect for our institutions,” Sen. Marsha Blackburn (R-TN) wrote, charging that the administration’s action came in response to the Supreme Court’s June 30 decision that struck down Biden’s $400 billion student loan relief plan.

In that case, Biden v. Nebraska, the conservative majority decided 6-3 that Biden had overstepped his authority in forgiving loans in response to a national emergency.

Following the Supreme Court case, Biden expressed his disappointment with the decision and said that his administration would utilize a different strategy to provide loan relief.

“I’m never going to stop fighting for you. I will use every tool at our disposal to get you the student debt relief you need and reach your dreams. It’s good for the economy and good for the country and can be good for you,” Biden said in remarks at the White House.

Published with permission of The American Independent Foundation.