Online Poll: Do You Support The Biden Loan Forgiveness Plan?
President Joe Biden this week announced a plan to cancel college student loan debts in the United States.
According to the announcement, borrowers who make less than $125,000 per year could have up to $10,000 in debt forgiven. Pell grant recipients could get an additional $10,000 canceled. Only people making less than $125,000 per year, or $250,000 for couples filing jointly, would be eligible. The White House says about $43 million borrowers might be eligible for some forgiveness under the plan, with roughly 20 million getting their entire college loan debt erased.
Republicans and even some Democrats are critical of the proposal. GOP members have called the plan unfair and inflationary, and say it will do nothing to reduce college costs overall. Many Republicans say that it's not fair to let people off the hook for college loans when everyone else in the country who takes out any kind of loan has to repay the money, and they say the debt is not being erased, it is simply being taken by taxpayers, many of whom never went to college.
Some Democrats agree with the idea that the plan is unfair, saying it will simply transfer the debt to blue-collar people who never went to college. other Democrats, on the other hand, say it doesn't go far enough in forgiving college loans.
So what do you think? Is the plan a good way to help millions of people get out of crushing student loan debt? Or do you think that the people who took out the loans need to pay the debt, rather than having the taxpayers pay for it?
Take our poll and give us your opinion!