IA Gov. Reynolds sends letter to Pres. Biden opposing student loan forgiveness plan
Iowa Governor Kim Reynolds / Courtesy: MGN / Office of the Gov. of Iowa
(ABC 6 News) – Iowa Governor Kim Reynolds, along with 21 other Governors on Monday, sent a letter to President Biden opposing his plan to forgive federal student loans for millions of Americans.
According to Reynolds, an estimated 16-17% of Americans have federal student loan debt that would be forgiven under the Biden Administration plan.
“We support making higher education more affordable and accessible for students, but not at the expense of the American taxpayers,” said Gov. Reynolds. “Your plan will encourage more student borrowing, incentivize higher tuition rates, and drive-up inflation even further. These outcomes hurt everyone, but none more so than the millions of working-class Americans who’ve already paid off their loans or chosen not to borrow.”
Reynolds stated the plan would shift the burden of cost to each American taxpayer in the amount of more than $2,000 or $16 billion in total.
“Rather than addressing the high cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today’s problems worse for tomorrow’s students,” said Gov. Reynolds.
The Governors request that President Biden withdraw his plan.
Read the full letter below.