WASHINGTON, D.C. - First District Congressman Tracey Mann released a statement in response to President Biden announcing his student loan forgiveness program on Wednesday.
Mann says the Biden Administration’s plan to cancel student loans is a full-on campaign utilizing taxpayer dollars, noting that it is ill-timed, short-sighted, and irresponsible.
Mann went on to say that of 255 million adult Americans, only 45 million have student loan debt. According to an estimation by the Penn Wharton Budget Model, the Biden Administration's student loan forgiveness plan will cost taxpayers $300-$980 billion. Additionally, the student loan repayment pause has been extended a final time through December 31.
The plan also proposes a new rule that would lower the discretionary percentage payment of monthly income, raise the amount of income that is considered non-discretionary, forgive loan balances after 10 years of payments, and cover the borrower’s unpaid monthly interest.
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