Senate Minority Leader Mitch McConnell (R-Ky.) said President Joe Biden’s newly announced student loan forgiveness would drive up “wildly unfair redistribution” of wealth, benefitting only higher-earning elites of the country.
“President Biden’s student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt,” McConnell said in a Wednesday statement.
“This policy is astonishingly unfair,” he added.
Biden officially announced that his administration will wipe out up to $10,000 in federal student loan debt for individual borrowers making less than $125,000 a year or married couples earning less than $250,000 per year. Pell Grants recipients could qualify for a maxim of $20,000 in debt cancellation.…
“President Biden’s student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt,” McConnell said in a Wednesday statement.
“This policy is astonishingly unfair,” he added.
Biden officially announced that his administration will wipe out up to $10,000 in federal student loan debt for individual borrowers making less than $125,000 a year or married couples earning less than $250,000 per year. Pell Grants recipients could qualify for a maxim of $20,000 in debt cancellation.…
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