US President Joe Biden announced on Wednesday that those who took out a government-guaranteed student loan can get relief from their debt. According to critics, loan refunds are an irresponsible and unfair policy.
In Biden’s plan, students could get $10,000 to $20,000 in student loan credit. The refund applies to those who have a government-guaranteed student loan.
US Department of Education according to statistics (you switch to another service) about 75 percent of student loan borrowers had less than $40,000 in outstanding loans in 2021, and about 47 percent still have more than $20,000 in loans. At the moment, the dollar and the euro are roughly equal.
Representatives of the Republican Party criticize loan credits as, among other things, an irresponsible and unfair policy.
However, the White House responds to the criticism On Twitter (you will switch to another service) by showing that several politicians who criticize student loan credits have themselves received substantial credits from so-called PPP loans.
Ex-president Donald Trump’s During the corona pandemic, the administration launched a loan program for certain companies and entrepreneurs to help them pay their employees’ salaries. Since then, it has been possible to apply for a refund for the loans.
Republican representative of the lower house of Congress Marjorie Taylor Greene is one of those politicians who think that student loan repayment is unfair. According to the White House, Greene was reimbursed more than $183,000 in PPP loans.
Congressmen agree with Greene Vern Buchanan and Markwayne Mullin.
– Biden’s ill-considered, unilateral student loan relief is unfair to the 87 percent of Americans who do not have student loan debt and have followed the rules, Buchanan writes.
– Oklahoma farmers and ranchers, small business owners and teachers should not have to pay the debts of lawyers and doctors who graduated from top universities across America, says Mullin.
According to the White House, Buchanan received loan credits for $2.3 million, Mullin for $1.4 million.
Criticism has also come from Biden’s own party. Representatives of the Democratic Party have expressed that clearing $10,000 per borrower is not enough.
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