The vulnerable Democratic House representative, Chris Pappas of New Hampshire, is not happy with President Biden’s announcement on student loan forgiveness. And he isn’t alone. The opposition to Biden’s plan is voiced by a long list of Democrats who are objecting to Biden’s massive $300 billion student debt distribution. Some representatives went as far as to label the plan to forgive student loans – despite the nation’s already rising debt – as a left-wing dream.
Pappas expressed his disappointment in Biden’s plans to use $300 billion in taxpayer dollars to repay student loan debt. In his opinion, any debt relief should be handled by Congress, not by the president. And it should not increase the budget deficit, per Pappas. “We all know the cost of higher education is crushing families, and that’s why I’ve supported expanding Pell Grants, affordable community college, and loan forgiveness for those entering vital professions like nursing,” Pappas declared in a statement. “But this announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities.”
“The President’s plan also doesn’t address the underlying issue of the affordability of higher education, and it is clear that the high cost continues to limit opportunities available to students. Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit,” Pappas continued, said a report on Fox News.
In a statement to Fox News Digital, Representative Kim Schrier, D-Washington, also criticized Biden’s approach to debt relief. Schrier argues that any form of relief should be targeted. “I agree that something needs to be done to make college a more affordable option for students and make sure they aren’t burdened by debt for decades. However, this is not how I would have done it,” she stated.
“I would have liked to see a more targeted approach and a way to pay for this plan. We can use debt forgiveness strategically to channel students into careers where we need help desperately, like mental health professionals, educators and nurses,” Schrier added. Rep. Tom Malinowski, D-N.J. is among other vulnerable House Democrats who are opposing the plan. Malinowski said in a tweet that he “never supported forgiving student debt with taxpayer funds.”
Aside from the large number of elected officials who have spoken out against Biden’s plan, two prominent former Democratic administration officials have voiced their concerns – Clinton administration Treasury Secretary Larry Summers and Obama administration economist Jason Furman.
Biden’s program is aimed to forgive up to $10,000 in federal student loans for borrowers making less than $125,000 a year and up to $20,000 for Pell Grant recipients while extending the federal student loan pause until the end of the year. The Committee for a Responsible Federal Budget stated that Biden’s plan would cost taxpayers approximately $500 billion over ten years, which is $200 billion more than some previous estimates. According to the Treasury Department, the national debt currently stands at $30.7 trillion.