<mediadc-video-embed data-state="{"cms.site.owner":{"_ref":"00000161-3486-d333-a9e9-76c6fbf30000","_type":"00000161-3461-dd66-ab67-fd6b93390000"},"cms.content.publishDate":1661441840862,"cms.content.publishUser":{"_ref":"00000180-1937-dba2-a7ba-39b778700000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"cms.content.updateDate":1661441840862,"cms.content.updateUser":{"_ref":"00000180-1937-dba2-a7ba-39b778700000","_type":"00000161-3461-dd66-ab67-fd6b933a0007"},"rawHtml":"
var _bp = _bp||[]; _bp.push({ "div": "Brid_61441747", "obj": {"id":"27789","width":"16","height":"9","video":"1083139"} }); ","_id":"00000182-d5a6-d791-a7aa-f5fe7c300000","_type":"2f5a8339-a89a-3738-9cd2-3ddf0c8da574"}”>Video EmbedJoe Biden and several other high-profile Democrats received tens of millions of dollars from individuals and groups in the higher education sector over the last few campaign cycles before the president announced his student loan forgiveness program on Wednesday.
Biden received more than $64.5 million in contributions from people in the higher education sector during his presidential campaign in 2020, making him the top recipient by a large margin, according to data compiled by OpenSecrets. Overall, Democrats have been responsible for 70% of all political contributions from groups in the education industry since 2002.
BIDEN ANNOUNCES MASS STUDENT LOAN FORGIVENESS PROGRAM
The top 20 recipients of contributions from the higher education sector were all Democrats, except for former President Donald Trump, who received $8.8 million, putting him at No. 5 on the list, according to the data. Biden topped the list, with Sen. Bernie Sanders (I-VT) coming in second with $17.2 million and Sen. Elizabeth Warren (D-MA) in third with $11.6 million.
Democrats have continued to dominate the sector during the 2022 midterm cycle, with Sen. Raphael Warnock (D-GA) topping the list at $2.2 million. Biden still ranked within the top 10 in the 2022 cycle despite not actively running a reelection campaign, coming in at No. 8, with $384,113 raised.
The numbers indicate that Democrats have deep financial ties with the higher education industry even before Biden announced his mass student loans forgiveness program on Wednesday.
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Some 40 million people in the United States hold a collective $1.7 trillion in student loans. To be eligible for Biden’s cancellation program, borrowers must earn under $125,000 individually or $250,000 as a household, and those who received Pell Grants can get up to $20,000 canceled, which the Biden administration is promoting as a way to close the racial wealth gap because black borrowers are twice as likely to receive Pell Grants.
However, some members of both parties criticized the move, arguing it doesn’t do enough to prevent future borrowers from racking up similar levels of debt and make college education more affordable. The White House has signaled it would make changes to the government-backed loan repayment programs, but it’s not clear what those changes would be.
