Senator: Student Loan Cancellation Is An “Insult To The Majority Of Americans”

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This senator says canceling student loans is “an insult to most Americans.”

Here’s what you need to know.

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With President Joe Biden potentially weeks away from a major announcement on wide-scale student loan forgiveness, Sen. Tom Cotton (r-er) is attack on Canceling student loans for a number of reasons, including:

  • injustice to Americans who did not go to college or who do not have student loans;
  • “Hand-out” to the wealthy and well-connected;
  • “Get out of jail free card” for universities that charge unreasonably high tuition and fees;
  • will create high inflation;
  • Forces working-class Americans to kick out college-educated Americans; And
  • That would potentially cost $1 trillion.

“I write to U.S. Education Secretary Miguel Cardona earlier this month to demand transparency about the Biden administration’s deliberations on canceling more than $1.5 trillion in student loan debt.” ,

Student loan forgiveness: Cotton says White House has major conflict of interest over student loans

Cotton says Biden has a major conflict of interest in the White House over student loans. A recent report from Bloomberg found Student loan debt on at least 30 senior White House aides collectively totals $4.7 million. “Every White House employee with student loans should be banned from working on Biden’s plan to transfer student loan debt to taxpayers,” Cotton tweeted on Tuesday. “It’s a clear conflict of interest.”

Cotton also called student loan relief a “terrible idea.” He opposes extending student loan relief, although canceling student loans could mean the end of student loan relief. Cotton, however, isn’t the only Republican to criticize Biden student loan forgiveness. For example, Representative Virginia Foxx (R-NC), the Republican head of the House Committee on Education and Labor, has called widespread student loan cancellation a mistake. There are at least two proposed bills in Congress that would prevent Biden from canceling student loans. Recently, Sen. Mitt Romney (R-UT) and his colleagues introduced the Student Loan Accountability Act, which would prohibit the Biden administration from canceling any broad-scale student loans for some or all student loan borrowers. Romney’s bill states that broad student loan forgiveness would increase inflation, benefit primarily wealthy student loan borrowers and encourage colleges and universities to increase tuition.

Will your student loans be canceled?

Will your student loans be canceled? Biden has said he will announce his decision to cancel student loans on a wider scale within weeks, which could mean any day now. That said, there is no guarantee that Biden will implement comprehensive student loan forgiveness. However, while Republicans will continue to pressure Biden, Congress is unlikely to pass legislation that would prevent Biden from canceling student loans. If Biden moves to cancel student loans, expect a potential income limit, which could potentially restrict student loan forgiveness for millions of student loan borrowers. With student loan payments starting to resume soon, make sure you know all your options for student loan repayment. Here are some popular ways to ditch student loan debt:

Student Loans: Related Reading

Navient agrees to cancel $3.5 million student loan

Education Department announces major changes in student loan service

How to Qualify for $17 Billion Student Loan Forgiveness

Bill Maher: Student loan forgiveness is a “loser” issue

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