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Both Republican and Democrat lawmakers sounded the alarm on President Biden’s potential plan to cancel student loan debt, and suggested alternatives to support borrowers without costing taxpayers billions.
Biden said in a press conference late last month he is considering canceling “some” student loan debt.
“I am not considering $50,000 debt reduction, but I am in the process of taking a hard look at whether or not there will be additional debt forgiveness,” Biden said.
WHITE HOUSE EYES INCOME CAP ON STUDENT LOAN FORGIVENESS, HAS NOT STUDIED HOW IT MAY IMPACT INFLATION
“I think it’s a crazy idea, it’s wasting too much money,” Maryland Gov. Larry Hogan, R., told Fox News Digital at the Milken Institute’s 2022 Global Conference. “We’ve been working to try and make college more affordable, we’ve been trying to help people that are struggling, but to say we’re just going to pump more money into an economy where we have out-of-control inflation… I don’t think it’s the right solution.”
Rep. Cheri Bustos, D-Ill., said lawmakers need to look at whether the country can afford to cancel student loan debt.
“I don’t think it can just be a blanket, ‘we’re going to wipe out all of the student loans,’” she said. “I think there’s all different kinds of levels of that we’ve got to really dig deep on.”
Some members of the media don’t think canceling student loan debt it is such a crazy idea.
MSNBC host Mehdi…
