More than 20 GOP governors are urging President Joe Biden to ditch his plan to cancel student debt, arguing it puts a heavy financial burden on taxpayers.
In a joint letter signed by 22 governors, the GOP leaders say the plan is estimated to benefit only the “elite few” and cost taxpayers $600 billion in total, breaking it down to $2,000 per person. Biden’s plan aims to cancel $10,000 of student loan debt for those making up to $125,000 annually and $20,000 of debt for Pell Grant recipients.
The remaining six GOP governors from Indiana, Massachusetts, Mississippi, Vermont, Virginia, and West Virginia did not sign the letter.“Only 16-17 percent of Americans have federal student loan debt, and yet, your plan will require their debts to be redistributed and paid by the vast majority of taxpayers,” the letter says. “Shifting the burden of debt from the wealthy to working Americans has a regressive impact that harms lower income families.
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