SCHAUMBURG, Ill. – President Joe Biden on Wednesday announced a plan to write off hundreds of billions of dollars in student loan debt.
“These two targeted actions are for families who need them most,” Biden said.
The president also granted what he called a final extension of a temporary moratorium on reimbursement.
Biden’s plan to forgive $10,000 in student loan debt for most borrowers — and $20,000 for those on Pell grants — became an instant problem in the suburban 8th Congressional District. Illinois.
“It’s Robin Hood in reverse. It’s just about taking from the poor and the middle class and giving to the wealthiest among us,” said Chris Dargis, congressional candidate in the 8th district.
“I think in principle it’s a good idea. But it needs work,” said outgoing 8th District Representative Raja Krishnamoorthi.
The economically diverse 8th District includes parts of Cook, DuPage, and Kane counties, with many voters who borrowed to go to college, as well as many blue-collar voters who did not go to college and who might resent being out of debt. backup plan.
“My two sons, they pay for their education by serving in the army reserves. There are other ways to pay. Loans can be structured. Jobs can be obtained,” Dargis said.
“Two-thirds of Americans who don’t get a four-year degree, and for them, I want to see an upside,” Rep. Krishnamoorthi said.
Krishnamoorthi’s plan would likely require new legislation, which is highly unlikely before the November 8 election.
Critics note that some of Biden’s allies have said he lacks the authority to forgive $300 billion in student loans he announced on Wednesday. They predict federal judges will overturn it.
“The Department of Education itself, as well as Speaker Pelosi, has said over the past year that this can’t be done,” said Mark Glennon of WirePoints.org.
Borrowers will need to apply for this student loan relief. It will not be automatic. You can find the details HERE.