Reactions to President Biden announcing he will forgive student loan debt

WASHINGTON, D.C.(Press Release) – Today, U.S. Representative Dusty Johnson (R-S.D.) issued a statement following the Biden Administration’s announcement to cancel $10,000 of student loan debt for individuals making $125,000 a year or families earning up to $250,000. This action is estimated to cost U.S. taxpayers up to $300 billion.

“This decision is a slap in the face to the millions of Americans who did the right thing and paid off the student debt they willingly took on,” said Johnson. “Where is their $10,000 free pass? The administration’s willingness to spend, spend, spend is baffling – President Biden is making inflation worse with every stroke of his pen.

“Congress should focus on long-term solutions to the high cost of education. This is nothing more than a political giveaway as Democrats look down the barrel of a Republican majority come November.”

Senator John Thune released the following statement:

“The president’s plan to forgive student loans is incredibly unfair to those taxpayers who never incurred student debt because they didn’t attend college in the first place or because they either worked their way through school or their family pinched pennies and planned for higher education, and it will do nothing to address the problems that actually created this debt crisis.

Regrettably, Democrats have made clear that they do not have a serious plan to lower the cost of higher education and instead support pulling taxpayers and working families on the hook for billions of dollars of student loans in a blatant political payoff.”

Senator Mike Rounds tweeted the following:

“I have serious concerns about the constitutionality of the unprecedented action by @POTUS @JoeBiden which will force the American taxpayers to foot the bill for $300 billion in student loan debt forgiveness.
The Founding Fathers intended for Congress to have the power of the purse, not the executive branch.”

In response to today’s White House announcement about student loan forgiveness, the National Foundation for Credit Counseling (NFCC) has prepared the following statement:

“Today’s announcement from the White House will be welcome news for those who qualify for up to $10,000 of student loan forgiveness, or the additional $20,000 of potential debt cancelation for Pell Grant recipients. The news is also a boost for those who need more time before they resume their monthly payments. Outpacing credit cards and mortgages, this rapidly growing category of debt is compounding the financial challenges faced by many Americans. Acknowledging that millions of Americans will remain obligated to repay some or all the debt they owe, the National Foundation for Credit Counseling continues its commitment to providing everyone with access to expert guidance through affordable nonprofit student loan counseling services.” – Barry Coleman, Vice President, Program Management and Education