Rep. Tracey Mann responds to the Biden Administration's student loan forgiveness plan

WASHINGTON, D.C. - U.S. Representative Tracey Mann (KS-01) released the following statement in response to President Biden announcing his student loan forgiveness program:

"The Biden Administration’s plan to cancel student loans is a full-on campaign utilizing taxpayer dollars. It is ill-timed, short-sighted, and irresponsible. 

In the midst of the already record high inflation facing the country, the plan to cancel student loans will cost taxpayers more than $300 billion, transferring the debt burden of borrowers to low and middle-class taxpayers. The Biden plan unfairly punishes Americans who already paid their student loans or never attended college. 

Americans deserve a well-developed, long-term solution that addresses the high cost of education - not a short-term band aid that buys new votes in the face of a midterm election and adds to already historically high inflation."

Of 255 million adult Americans, only 45 million have student loan debt. According to an estimation by the Penn Wharton Budget Model, the Biden Administration's student loan forgiveness plan will cost taxpayers $300-$980 billion. Additionally, the student loan repayment pause has been extended a final time through December 31, 2022. The plan also proposes a new rule that would lower the discretionary percentage payment of monthly income, raise the amount of income that is considered non-discretionary, forgive loan balances after 10 years of payments, and cover the borrower’s unpaid monthly interest. 

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