Harrisburg, PA – Today President Joe Biden unveiled a plan to provide loan forgiveness to eliminate as much as $10,000 or $20,000 in student loan debt for millions of borrowers. This plan is estimated to cost $300 billion in 2022 per a study from the University of Pennsylvania’s Wharton School.
The PA SRCC released the following statement in response to President Biden’s plan:
“The Democrat Party can’t be truly serious about tackling inflation while supporting this regressive loan forgiveness plan,” PA SRCC Communications Director Michael Straw stated. “While middle- and lower-class Pennsylvanians are struggling with soaring costs, high gas prices, and a recession, Joe Biden is exacerbating the problem with these radical policies. Worse yet, Biden is saddling the cost burden of eliminating loans on the 2/3 of Pennsylvanians who didn’t go to college. Joe Biden and the Democrat Party turned their back on the working class long ago, and today’s announcement is just further evidence to that fact.”