More than 20 GOP governors are urging President Joe Biden to ditch his plan to cancel student debt, arguing it puts a heavy financial burden on taxpayers.
In a joint letter signed by 22 governors, the GOP leaders say the plan is estimated to benefit only the “elite few” and cost taxpayers $600 billion in total, breaking it down to $2,000 per person. Biden’s plan aims to cancel $10,000 of student loan debt for those making up to $125,000 annually and $20,000 of debt for Pell Grant recipients.
Those who signed include Govs. Kim Reynolds (IA), Kay Ivey (AL), Mike Dunleavy (AK), Doug Ducey (AZ), Asa Hutchinson (AR), Ron DeSantis (FL), Brian Kemp (GA), Brad Little (ID), Larry Hogan (MD), Mike Parson (MO), Greg Gianforte (MT), Pete Ricketts (NE), Chris Sununu (NH), Doug Burgum (ND), Mike DeWine (OH), Kevin Stitt (OK), Henry McMaster (SC), Kristi Noem (SD), Bill Lee (TN), Greg Abbott (TX), Spencer Cox (UT), and Mark Gordon (WY).
The remaining six GOP governors from Indiana, Massachusetts, Mississippi, Vermont, Virginia, and West Virginia did not sign the letter.
WHAT TO KNOW ABOUT BIDEN’S STUDENT DEBT RELIEF PLAN AND HOW TO CLAIM IT
“Only 16-17 percent of Americans have federal student loan debt, and yet, your plan will require their debts to be redistributed and paid by the vast majority of taxpayers,” the letter says. “Shifting the burden of debt from the wealthy to working Americans has a regressive impact that harms lower income families.”
The letter asserts that the plan punishes the poor and rewards the rich, as it forces hourly wage workers to pay off the master’s and doctorate degrees of lawyers, doctors, and professors.
Students who took out loans made their own decision to do so, the letter argues, and they “knowingly agreed” to the loan’s terms and conditions.
“A high-cost degree is not the key to unlocking the American Dream — hard work and personal responsibility is,” the letter contends. “Americans who did not choose to take out student loans themselves should certainly not be forced to pay for the student loans of others.”
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Biden’s sweeping plan is estimated to cost roughly $240 billion over the next 10 years and could provide relief for up to 43 million borrowers and wipe out total debt loads for almost 20 million borrowers, according to the White House.
