What is the Media Saying About Biden’s New Student Loan Forgiveness Plan?
Summary from AllSides News Team
President Joe Biden on Wednesday outlined a new student loan forgiveness plan, which received varying reactions from voices across the spectrum.
Some perspectives highlighted how this policy could increase "college access" and ridiculed those who don't want to improve others' lives because they didn't get the same benefits. Those who were mildly enthusiastic labeled Biden's plan as a "good start" and "important step" but noted that it doesn't solve the "more fundamental problem" of the "dysfunctional" higher education system.
Many critics called Biden's policy "a real slap in the face" to those who have already paid off their loans, while others warned that Biden is using student loan cancelation as a "political bribe" for young voters ahead of midterm elections. The Washington Post (Lean Left bias) editorial board labeled Biden's student loan announcement as "ill-conceived and misdirected," contesting that the new policy changes will "provide a windfall for the upper-middle class and wealthy" rather than aiding the "most vulnerable" Americans. Some, especially fiscal conservatives, focused specifically on estimates that the plan will cost taxpayers roughly $300 billion.
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From the Center
Student debt forgiveness is finally here
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President Biden’s announcement today forgives $10,000 for millions of borrowers and up to $20,000 for recipients of the Federal Pell Grant program, which provides grants to students who have demonstrated significant financial need. Before the different rates for Pell Recipients was added to the equation, this plan was estimated to cost about $300 billion.
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From the Right
Leftists Can Thank ‘Joe The Plumber’ For Biden’s Student Debt Bailout
Knick-knack wealth redistribution is back!
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Flash forward 14 years, and Obama’s vice president announced one of the largest wealth redistribution plans ever via a massive college debt forgiveness plan. This time, working-class individuals like “Joe the Plumber” will be paying for millions of college graduates’ degrees.
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From the Left
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With the simple stroke of a pen, President Biden has the unique opportunity to unlock financial freedom for countless Black Americans and low-income communities. But according to CNN reporting, he might cancel just $10,000 of student loan debt per borrower for those earning less than $125,000 a year. That would do little to help.
Black Americans have been disproportionately devastated by student loan debt. Four years after graduating, they hold an average of almost $53,000 in debt, almost double the $28,000 average White Americans hold. And they typically end up owing 6% more than...
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