WASHINGTON, D.C. (Nexstar) – President Joe Biden said relief was on the way for millions of Americans burdened with federal student loans.
“Our student loan plan lowers costs for Americans as ever recover from the pandemic. To give everybody a little more breathing room,” Biden said.
The White House officially launched the student debt relief portal Monday. The plan would cancel $10,000 in student loan forgiveness for individuals making less than $125,000 or households with less than $250,000 in income. Pell Grant recipients who qualify for the program are eligible for up to $20,000 of debt forgiveness.
Jonathan Butcher with the conservative Heritage Foundation said the president’s plan was too expensive.
The Congressional Budget Office estimates the program will cost about $400 billion over the next three decades.
“I wouldn’t call it forgiveness because you’re not forgiving anything. You’re just shifting it over to taxpayers,” Butcher said.
Federal courts dismissed Republican-led challengers to the program Thursday.
President Biden criticized Republicans for trying to deny their constituents of much-needed relief.
“Their outrage is wrong—and it’s hypocritical,” Biden said.