More than 20 Governors are coming together to try and stop Joe Biden’s student loan forgiveness plan.
According to the Washington Examiner, in a letter to the president, more than 20 GOP governors are urging him to abandon his plan to cancel student debt, arguing it will burden taxpayers heavily.
In a joint letter signed by 22 governors, GOP leaders say the plan will benefit only an elite few and cost taxpayers $600 billion in total, or $2,000 per person. Under Biden’s plan, those earning up to $125,000 annually will be able to cancel $10,000 of student loan debt and those receiving Pell Grants will be able to cancel $20,000 of debt.
“Only 16-17 percent of Americans have federal student loan debt, and yet, your plan will require their debts to be redistributed and paid by the vast majority of taxpayers,” the letter says. “Shifting the burden of debt from the wealthy to working Americans has a regressive impact that harms lower income families.”
The letter further argues that Biden’s plan punishes the poor and rewards the rich, as it forces hourly wage workers to pay off the master’s and doctorate degrees of lawyers, doctors, and professors.
Students who took out loans made their own decision to do so, the letter argues, and they “knowingly agreed” to the loan’s terms and conditions.
The Governors who signed the letter include Kim Reynolds (IA), Kay Ivey (AL), Mike Dunleavy (AK), Doug Ducey (AZ), Asa Hutchinson (AR), Ron DeSantis (FL), Brian Kemp (GA), Brad Little (ID), Larry Hogan (MD), Mike Parson (MO), Greg Gianforte (MT), Pete Ricketts (NE), Chris Sununu (NH), Doug Burgum (ND), Mike DeWine (OH), Kevin Stitt (OK), Henry McMaster (SC), Kristi Noem (SD), Bill Lee (TN), Greg Abbott (TX), Spencer Cox (UT), and Mark Gordon (WY).
This letter was not signed by the remaining six GOP governors of Indiana, Massachusetts, Mississippi, Vermont, Virginia, and West Virginia.
According to the White House, the plan is estimated to cost roughly $240 billion over the next 10 years and could provide relief for up to 43 million borrowers and wipe out total debt loads for almost 20 million borrowers,
As previously reported by The Next News Network, when faced with the question if his plan was fair to Americans who saved, worked while getting their education, or paid off their loans after school, Biden pivoted and questioned whether it was fair that multi-billion-dollar companies received breaks when Republicans were in power.