Biden plans to cancel up to $20K of college debt per household

President Joe Biden on Wednesday rolled out plans to cancel up to $10,000 in federal college loans for those making under $125,000 annually. Low-income households that took a Pell Grant to pay for college are eligible for an additional $10,000 loan forgiveness. The Democratic Party has called for student loan forgiveness since the 2020 presidential campaign—when Biden first promised to include some element of student loan forgiveness during his presidency.

What are the concerns about Biden’s plan? Almost as soon as Biden finished speaking, reporters in the room began to ask if he thought the plan was fair to students who had already finished paying their loans, a question shared by many conservative onlookers. Senate GOP leader Mitch McConnell said the plan was “giving government money to elites with higher salaries.” 

Dig Deeper: Read Jennifer Marshall Patterson’s column in WORLD Opinions about the Biden administration’s debt forgiveness plan and the effect it could have on taxpayers.