President Biden’s plan to cancel a portion of student loan debt has drawn mixed reactions from both far-leftists and conservatives across social media as some leftists contend it is not enough while others celebrate it as a victory for racial justice, and conservatives claim it will only benefit elites.
President Biden on Wednesday announced his plan to forgive a portion of student loan debt for individual borrowers making less than $125,000.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon,” Biden said in a post on social media ahead of an afternoon press conference.
According to the graphic attached to the tweet, the administration will forgive $20,000 if an individual making under $125,000 annually went to college on Pell Grants. The figure reduces to $10,000 if the individual did not receive Pell Grants. Additionally, the student loan pause has been extended for the rest of the year, expiring December 31, 2022:
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
— President Biden (@POTUS) August 24, 2022
However, this announcement has received mixed responses.
Sen. Bernie Sanders (I-VT), for instance, is contending that the plan does not go far enough, calling for the cancellation of “all” student loan debt.
“The average amount of debt forgiveness to businesses receiving PPP loans: $95,700. If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can’t afford to cancel all student debt for 45 million Americans,” he said:
The average amount of debt forgiveness to businesses receiving PPP loans: $95,700. If we could afford to cancel hundreds of billions in PPP loans to business owners in their time of need, please do not tell me we can't afford to cancel all student debt for 45 million Americans.
— Bernie Sanders (@SenSanders) August 23, 2022
If SoFI, a student loan refinancing company, could give its CEO a 92% raise last year paying him a grand total of $103 million in compensation and spend $625 million to put its name on the LA Rams football stadium, you know what President Biden can do? Cancel all student debt.
— Bernie Sanders (@BernieSanders) August 23, 2022
Rep. Cori Bush (D-MO) has tied student loan forgiveness to racial justice, and while she has argued for greater forgiveness in the past, she is celebrating the current victory:
🚨 President Biden is canceling up to $20,000 of federal student loan debt. This will undoubtedly transform lives.
Grateful for the organizers, activists, and advocates who never let up in the push for student debt cancellation. This victory is because of you. https://t.co/NM8QlXynCe
— Congresswoman Cori Bush (@RepCori) August 24, 2022
Systemic racism and equity in our education system leads to Black borrowers owing 50% more upon graduation than their white peers.
Making Black borrowers more likely to accumulate more interest and default on their payments.
— Congresswoman Cori Bush (@RepCori) August 23, 2022
Four years after graduation, the average Black borrower has nearly 53,000 in student loan debt—twice the amount as white borrowers.
Canceling anything less than 30% won’t come close to even touching the racial wealth gap.
— Congresswoman Cori Bush (@RepCori) August 23, 2022
Student loan debt cancellation WILL change lives, but we must ensure cancellation policies through a lens of racial equity.@POTUS must end the economic hurt and cancel student debt for everyone.
— Congresswoman Cori Bush (@RepCori) August 23, 2022
You know who it really discriminated against?
1) Those that saved their money, skipped cool toys/trips and already paid their debts
2) Those that went to work rather than getting a $300K gender studies degree.
Now you’re asking them to pay for those who did the opposite. https://t.co/r4EdzpQaa3
— Donald Trump Jr. (@DonaldJTrumpJr) August 24, 2022
Sen. Dick Durbin (D-IL) also took the victory, deeming it a “crucial step to enable low- & middle-income borrowers—especially communities of color—to eliminate their student loan debt”:
Tens of millions of Americans are plagued by student loan debt in pursuit of a quality education. Today’s announcement by @POTUS is a crucial step to enable low- & middle-income borrowers—especially communities of color—to eliminate their student loan debt. https://t.co/aWVNxHonG0
— Senator Dick Durbin (@SenatorDurbin) August 24, 2022
“We’ve been working towards this day for a long time, and it’s here: President @JoeBiden is taking historic action to cancel up to $20,000 of debt for millions and millions of Americans,” Sen. Elizabeth Warren (D-MA) said, attempting to spin the move, contending that Biden is relieving Americans from his abysmal economy and rising costs:
We’ve been working towards this day for a long time, and it’s here: President @JoeBiden is taking historic action to cancel up to $20,000 of debt for millions and millions of Americans.
— Elizabeth Warren (@ewarren) August 24, 2022
By canceling student debt, President Biden is helping working people who are struggling with rising costs. He’s freeing people up to buy homes or start new businesses or start families. And he’s helping narrow the racial wealth gap for borrowers. It’s a big step forward.
— Elizabeth Warren (@ewarren) August 24, 2022
I’m grateful for everyone who’s raised their voices to #CancelStudentDebt. Today is a win—and it paves the way for even more victories to come, if we keep fighting side by side.
— Elizabeth Warren (@ewarren) August 24, 2022
Sen. Ed Markey (D-MA) also celebrated the move but called for additional steps as well:
As we celebrate this important step toward economic equity for working families and communities of color, we look ahead to additional steps Congress and the Administration can take to buoy families who face the burden of debt.
— Ed Markey (@SenMarkey) August 24, 2022
However, while some Democrat leaders, in the past, have contended that Biden’s plan is not enough, many are considering it a victory:
This is a massive step in the right direction.
Student debt cancelation has been one of the CPC's top priorities for executive action and we've consistently pushed it, including in a meeting with @POTUS on March 30.
Our take on this announcement from Chair @RepJayapal https://t.co/Yy47rJ87dV
— Progressive Caucus (@USProgressives) August 24, 2022
➡ 90% of Black students have loans
➡ 72% of Latino students have loans
➡ 40% of borrowers never finished their degreeCanceling student debt is a racial justice issue and will help to close the racial wealth gap. This is a major step forward.
— Rep. Pramila Jayapal (@RepJayapal) August 24, 2022
Thank you, President Biden! https://t.co/HXhaVZM0Nu
— Chuck Schumer (@SenSchumer) August 24, 2022
President Biden announced federal student loan forgiveness up to $20,000 for Pell Grant recipients and $10,000 for federal student loan borrowers earning less than $125,000. More info will be available in a few weeks. Sign up to be notified at:https://t.co/eblMUAEflg
— Senator Dianne Feinstein (@SenFeinstein) August 24, 2022
After months of pushing, real student debt relief is here. This is huge.
And we can’t stop here. I'll keep fighting to lower the cost of college and pushing @POTUS to fix our broken student loan system. https://t.co/e6HcwvvotK
— Senator Patty Murray (@PattyMurray) August 24, 2022
The actions by @POTUS on the student debt crisis are a welcome relief for so many working families in Wisconsin. #CancelStudentDebt ➡️ https://t.co/KiOG50auoI https://t.co/CeVuM1cNZr
— Sen. Tammy Baldwin (@SenatorBaldwin) August 24, 2022
BIG NEWS: @POTUS is taking historic action, canceling thousands in student loan debt and extending the pause on student loan payments.
This will bring much needed relief to Californians and millions across the nation. https://t.co/XCgirgN0GN
— Senator Alex Padilla (@SenAlexPadilla) August 24, 2022
🚨BIG NEWS🚨@POTUS is forgiving up to $20,000 in student loan debt to support hard-working people, put money back in their pockets, and change the lives of as many as 43 million Americans!
This is an important step to bolster and grow the middle class; I’m thrilled to see it! https://t.co/iSUsso9Gfd
— Rep. Veronica Escobar (@RepEscobar) August 24, 2022
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