Lummis Calls Biden College Loan Plan ”Incredibly Unfair”
The president last week announced that borrowers who make less than $125,000 per year could have up to $10,000 in debt forgiven. Pell grant recipients could get an additional $10,000 canceled. Only people making less than $125,000 per year, or $250,000 for couples filing jointly, would be eligible. The White House says about $43 million borrowers might be eligible for some forgiveness under the plan, with roughly 20 million getting their entire college loan debt erased.
Lummis recently posted these comments on her Facebook page:
“People in Wyoming know there’s no such thing as a free lunch, and cancelling student debt amidst record high inflation will only throw fuel on the fire,” said Senator Lummis. “Any notion that there’s no cost to wiping out billions of dollars of debt is flat out wrong. According to the Penn Wharton Budget Model, this reckless decision will add an additional $300 billion to our national debt, thereby driving the cost of everyday goods even higher. This is incredibly unfair to the hardworking people of Wyoming who will be forced to foot the bill for the richest 40 percent of Americans who carry 60 percent of student loan debt.”
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