Not surprisingly, Kansas Republicans in Congress continue to bash President Joe Biden’s plan for eliminating student debt.
Second District Congressman Jake LaTurner says the Biden plan is the wrong idea, in part because of the cost and in part because of the premise.
Congressman Tracey Mann agrees, saying the plan could cost over $300 billion and would transfer the debt burden to low- and middle-class taxpayers. Some Democrats, meanwhile, wanted amounts of up to $50,000 forgiven — and some wanted the entire slate wiped clean, no matter the amount.
Biden’s plan will offer relief to over 40 million Americans. Students who went to college on Pell Grants could receive up to $20,000 in forgiveness while students who did not could receive up to $10,000 in forgiveness if they currently make $125,000 a year or less. The US Department of Education says almost eight million borrowers could well have their loans forgiven automatically because it has income information readily available. The rest will likely have to apply for loan forgiveness by New Year’s Eve.
Also, the current pause on student loan repayments will be extended through New Year’s Eve and repayments can be capped at five percent of monthly income for students with undergraduate loans.
