In revealing the plan to cancel up to $20,000 in student loan debt incurred by borrowers who have received federal Pell Grants for their education and make below a certain income, along with up to $10,000 in debt for non-Pell Grant recipients, the president insisted that “an entire generation is now saddled with unsustainable debt.”
“The burden is so heavy that even if you graduate, you may not have access to the middle-class life that the college degree once provided,” Biden said. “Many people, many people can’t qualify for a mortgage to buy a home because of the debt they continue to carry.”
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The president added that those who exploit the plan “can start getting on with their lives” and “start to finally crawl out from under that mountain of debt, get on top of their rent, utilities, to finally think about buying a home or starting a family or starting a business.
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“By the way,” Biden went on, “when this happens, the whole economy is better off.”
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In response to Republicans who say the bailout only helps “white-collar” or “higher-class” graduates, Biden insisted that the plan is for “families who need it the most — working and middle-class people hit hard during the pandemic.”
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“I will never apologize ever for helping Americans, working–working Americans, middle-class,” the president added, “especially not to the same folks who voted for a $2 trillion tax cut that mainly benefited the wealthiest Americans and the biggest corporations.”
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The plan will likely face legal challenges, with opponents contending that only Congress can forgive federal student loan debt.
The White House is citing as its legal authority a 2003 law which gives the executive branch broad powers to “alleviate the hardship that federal student loan recipients may suffer as a result of national emergencies” like the COVID-19 pandemic, according to a Justice Department opinion made public Wednesday.
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While the student loan cancellation is what many Democrats’ wish for leading to November, Republican lawmakers insist it amounts to a giveaway to Biden’s wealthiest supporters.
“The President can spin it however he wants with Pell window dressing, but at the end of the day his debt forgiveness scheme forces blue-collar workers to subsidize white-collar graduate students,” said Sen. Ben Sasse (R-Neb.), a former college president, said.
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“Instead of demanding accountability from an underperforming higher education sector that pushes so many young Americans into massive debt, the Administration’s unilateral plan baptizes a broken system. This deeply regressive action — which fails even to acknowledge that most debt is held by folks with graduate degrees — will do nothing to jumpstart the reform higher education desperately needs.”
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