President Joe Biden Wednesday afternoon announced his plan to forgive $10,000 in student loan debt for people making under $125,000, $20,000 for Pell Grant recipients, and extend the current pause on repayments through the end of the year.
As the President made his remarks, anticipating the GOP’s impending attacks, he explained that his plan to cancel debt is designed to help Americans across many parts of their lives.
“A lot of folks are putting off starting families because of the cost” of student loans, the President said, explaining this will give them a “fresh start.”
He also announced he is fixing the public service loan forgiveness program to will allow Americans who become first responders, teachers, and other public servants to have their loans forgiven.
Biden declared that when all these loans are forgiven, “everyone benefits.”
He also fended off GOP attacks by confronting them with the Trump tax cuts, which he noted primarily benefitted just the wealthy and were not paid for.
“I will never apologize for helping working Americans and the middle class — especially not to the same folks who voted for a $2 trillion tax cut that mainly benefitted the wealthiest Americans and the biggest corporations, that slowed the economy and didn’t do a hell of a lot for economic growth, and wasn’t paid for and racked up this enormous deficit,” Biden said.
“Just as we’ve never apologized when the federal government forgave almost every single cent of over $700 billion in loans to hundreds of thousands of small businesses across America during the pandemic – no one complained that those loans caused inflation.”
Reminding his detractors that those loans helped families and small businesses, Biden declared, “it was the right thing to do.”
“So the outrage over helping working people with student loans I think is simply wrong – dead wrong,” he said.
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