People Who Already Paid Off Student Debt Aren’t Happy About Biden’s Announcement

People Who Already Paid Off Student Debt Aren't Happy About Biden's Announcement

Biden DROWNING In Backlash

( – Many Americans are unhappy with President Joe Biden. On Wednesday, August 24, the Commander in Chief took matters into his own hands, announcing the forgiveness of $10,000 in student loans for those who make under $125,000 annually or $20,000 for individuals who received Pell grants. Several weren’t happy about the announcement.

Conservative pundits, commentators, and politicians expressed dismay over the unilateral move. They talked about the unfairness of college loan forgiveness and criticized the plan as political and out of touch. A number wonder whether citizens will benefit from the president’s scheme.

People Sound Off on Student Debt Forgiveness

According to Pew Research, 37% of Americans have a bachelor’s degree, and only 13% hold a graduate degree. Yet, people who attended graduate schools own just over half of America’s student debt (56%). According to at least one calculation, Biden’s plan will cost each American $2,000. Many say it’s immoral to ask taxpayers to pick up the check for those who invested in their education and agreed to meet the associated financial obligations. Yet, quite a few Democrats praised the decision and called on the president to do more.

Fox News opinion writer Bethany Mandel wrote that she worked over 40 hours every week while in college to pay for her living expenses while minimizing her debt. She lived a frugal lifestyle when she graduated and worked to pay off her education as quickly as possible. She said the forgiveness was a “slap in the face” to those who didn’t take out a loan to get a degree. Mandel stressed that the government shouldn’t be transferring the onus onto the backs of people who didn’t sign for it.

Senate Minority Leader Mitch McConnell (R-KY) agreed that Biden’s loan forgiveness plan was a “slap in the face” to many who worked hard to pay off their debts without government assistance or chose to pursue a path other than college. He argued that despite their financial obligation, borrowers made more money than the average American and stated college graduates who are high-earning individuals would benefit the most from the president’s agenda.

Who Does Biden’s Plan Hurt?

Forbes analyzed the harm the president’s program creates. It appears it only benefits those who have debt. If you don’t have a student loan, paid one-off, never went to college, funded schooling with private debt, or intend to take out a loan in the future, Biden’s goal won’t benefit you at all. In addition, the $300-500 billion bailout will go towards the national deficit, which everyone pays.

Is it any wonder why so many people are unhappy with the president’s plan to forgive school loans?

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