WASHINGTON – U.S. Congressman Larry Bucshon, M.D. (R-Ind.) issued the following statement on President Biden’s federal student loan forgiveness plan.
“Like last week’s inflation-inducing reconciliation legislation, President Biden’s plan to forgive student debt comes at a cost that will prove detrimental to the American people. As much as 70% of the debt that will be forgiven belongs to our nation’s top income-earners. But all taxpayers—those who chose to attend an institute of higher education that required them to take out student loans, and those who did not—will suffer as hundreds of billions of dollars are added to the national debt. It is unfair to make those who have never gone to college, or who took out loans and paid them back, pay for others’ student loans through the resulting increases in the cost of living,” said Dr. Bucshon. “This is just another foolish attempt by President Biden to gain popularity at the expense of everyday Americans.”
President Biden’s plan to forgive thousands of dollars in federal student loan debt and extend the student loan repayment period into next year will cost American taxpayers billions of dollars. According to the Penn Wharton Budget Model, a one-time maximum debt forgiveness of $10,000 for borrowers who make less than $125,000 will cost around $300 billion.