Biden's student loan relief is 'astonishingly unfair,' McConnell says

Photo Credit: Gage Skidmore

President Joe Biden's student loan forgiveness initiative will result in a "wildly unfair redistribution of wealth," according to Senate Minority Leader Mitch McConnell.

“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.

For borrowers earning less than $125,000 a year and couples earning less than $250,000 a year, Biden's administration will wipe out up to $10,000 of federal student loan debt. The maximum amount of debt cancellation available to Pell Grant recipients is $20,000. Despite skyrocketing inflation and struggling to pay their everyday bills, McConnell categorized the policy as a giveaway to those earning six figures.

The wide-scale student loan forgiveness came under Biden’s presidential campaign promise two years ago, becoming the largest debt cancellation per individual so far.

25 August 2022