BATON ROUGE, La. (BRPROUD) – La. Sen. Bill Cassidy says President Joe Biden’s decision to forgive student loan debt for some Americans, is a spit in the face of Louisiana families struggling to get by.
On Wednesday, the Biden administration said borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness. For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.
Cassidy said all the Biden administration is doing is shifting the burden from one set of Americans to another.
“President Biden didn’t ‘forgive student debt,’ he chose to shift the burden of the well-off onto the backs of the 87 percent of Americans who chose to not go to college, already paid off their loans, or saved to not take them out in the first place,” said Dr. Cassidy. “This decision is a spit in the face of Louisiana families who are struggling to get by. This is spending at least $300 billion we do not have which will make inflation worse. It does nothing to get at the root problem of the high price of education while costing $2,000 per taxpayer.”
Earlier this year, Cassidy helped introduced the Student Loan Accountability Act, which would prohibit the Biden administration from canceling student loan debt at what he says it at the expense of those that chose not to go to college or found a way to pay off any student debt.