Biden's Student Loan Forgiveness Plan Faces Backlash, Critics Worry About 'Reckless' Inflation Impact

The controversy over President Biden's college student loan debt forgiveness is still swirling a day after he announced his plan to cancel some of that debt for millions of Americans.

Supporters praised the move, with some wanting the White House to go even further. Opponents say the plan is unfair and will actually increase inflation.

Critics say the expensive plan is simply transferring the cost from the students who borrowed the money, creating a new burden for other taxpayers. They're arguing the administration is just buying votes before the upcoming midterm elections.

Ty Kiatathikom, who studies law at The Ohio State University, is among millions of borrowers who will benefit from the loan forgiveness program. "It's not life-changing and it's not world-changing, but I'll take it," Kiatathikom said.

Under the president's plan, the government will cancel $10,000 for borrowers making less than $125,000 a year and $20,000 for those who received Pell grants.

"All this means people can start to finally crawl out from under that mountain of debt to get on top of their rent and utilities, to finally think about buying a home or starting a family or starting a business," President Biden said Wednesday.