“President Biden’s student-loan socialism is about every family who sacrificed their savings to go to college, every graduate who paid off their debt, every one who chose a particular career path or enlisted in the military to avoid it. It’s a slap in the face of Americans who are in debt,” said Senate Minority Leader Mitch McConnell. “This policy is shockingly unfair.”
Biden has said he will not apologize to Republicans for taking steps to help middle- and low-income Americans. tweet thread Posted Thursday night, it targets Republican lawmakers who have taken out Paycheck Protection Program (PPP) loans since the early days of the pandemic. But these loans weren’t designed to be repaid.
But skepticism doesn’t just come from the Republican Party. Moderate Democrats, especially those running for a close race in the Senate this year, have also expressed concern.
Ohio Senate candidate and Democrat Tim Ryan said Wednesday that the plan sends the “wrong message” to Ohioans who don’t have a college degree. Ryan faces one of the toughest Senate races in the country, where he faces JD Vance, a Trump-backed Republican.
I’m worried about the cost of the plan
Another concern is the huge cost of forgiving student debt. The plan could cost about $1 trillion, according to University of Pennsylvania estimates.
Colorado Senator Michael Bennett, who is seeking re-election, said: Wednesday The White House should have come up with a more targeted plan and a way to pay for it.
“Immediate relief for families is important, but a one-time debt forgiveness won’t solve the underlying problem,” Bennett said. , must be reformed with solutions that bring down the staggering costs of college….and efforts must continue to build career paths to financial security for all Americans. It also includes those who choose not to pursue a two- or four-year degree.”
In an email to supporters, Bennett’s opponent Joe O’Dea wrote: This makes it worse. ”
Some experts say it’s still a political victory for Biden
Despite backlash from Republicans and some Democrats, Perry says youth turnout from debt forgiveness will make a significant difference in elections. is “unfair,” adding the argument that voters would not tip the candidate.
“It will certainly energize young people and those with student loan debt, including many Republicans. I think it has a uniting effect,” Perry said.
“Overall, this is a political victory for Biden because he is delivering on his promises.He has a chance to take out moderate Republicans who are in debt …This is a universal problem.”
Perry also says groups and even lawmakers calling for more debt relief should applaud Biden’s announcement and stay connected to the president.
Dominic Baker, a professor at Southern Methodist University and an education policy expert, says there isn’t enough research to say how this debt forgiveness policy will play out politically, but previous research has shown that student loan It said the waiver showed it would bring “substantial improvement.” to people’s lives.
“People can move around the country more easily, make more money, and have lower rates of default on credit cards and other types of loans,” said Baker. said. “One of the best ways to govern is to try to do something to improve people’s lives, and let people know what you’ve done to improve their lives. “
Baker added that because Biden included more debt forgiveness specifically for Pell Grant recipients, the benefits would be spread even further to Black and Latino borrowers.
And for some borrowers, it could be a sliver of hope, motivating them to go to the polls.
“This is like a ray of hope in a hopeless field when all else fails,” Sean Wiggs, junior at UNC Charlotte and digital strategist at Gen-Z for Change, tells NPR. rice field.
With Biden’s announcement, Wiggs will be forgiven of some of his debt, which he believes is a good first step and will motivate his fellow voters to vote.
“A lot of people who might have been indifferent to voting were wondering, if the government is actually working for me, why am I not going to the polls?” he said.