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Tags: governors | student loan forgiveness | letter | kim reynolds

22 GOP Governors Send Letter Opposing Biden's Student Loan Forgiveness Plan

kim reynolds looks on during a media appearance
Iowa GOP Gov. Kim Reynolds (Charlie Neibergall/AP)

By    |   Monday, 12 September 2022 02:44 PM EDT

A total of 22 Republican governors sent a joint letter Monday to President Joe Biden opposing his plan to forgive federal student loans for millions of Americans, according to a statement released by Iowa GOP Gov. Kim Reynolds.

"We support making higher education more affordable and accessible for students, but not at the expense of the American taxpayers," said Reynolds, who led the initiative.

She stressed in the letter, "Your plan will encourage more student borrowing, incentivize higher tuition rates, and drive up inflation even further. These outcomes hurt everyone, but none more so than the millions of working-class Americans who've already paid off their loans or chosen not to borrow."

Reynolds added, "Rather than addressing the high cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today's problems worse for tomorrow's students."

The letter also pointed out, "The top 20% of earning households hold $3 in student debt for every $1 held by the bottom quintile, generating a lopsided reality where the wealthy benefit at the expense of the working. Simply put, your plan rewards the rich and punishes the poor," Florida Politics reported.

The letter also emphasized other disparities: "College may not be the right decision for every American, but for the students who took out loans, it was their decision: able adults and willing borrowers who knowingly agreed to the terms of the loan and consented to taking on debt in exchange for taking classes."

The governors also argued in the letter to Biden, "As president, you lack the authority to wield unilateral action to usher in a sweeping student loan cancellation plan, a position shared by leaders of your party," citing a statement from House Speaker Nancy Pelosi, D-Calif., that the president can only "postpone" payments, while forgiveness depends on congressional action.

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US
Twenty-two Republican governors sent a joint letter Monday to President Joe Biden opposing his plan to forgive federal student loans for millions of Americans, according to a statement released by Iowa GOP Gov. Kim Reynolds.
governors, student loan forgiveness, letter, kim reynolds
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2022-44-12
Monday, 12 September 2022 02:44 PM
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