In what many are calling a major win for the Biden administration, Democratic President Joe Biden announced Wednesday a program of student loan forgiveness that will impact approximately 43 million people in the United States with almost 20 million having their entire debt wiped out.
Addressing the predatory lending practices, out of control interest and the crippling credit fallout caused by federally backed student loans was a core issue among Democrats during the primaries leading up to Biden's nomination.
The failure to address it has also been a bone of contention with progressive Democrats as well as liberal leaning independent voters.
\u201cI am a Pell Grant recipient with $13k in federal student loans. Biden\u2019s student loan forgiveness will literally change my life. \n\nAll that work we did in 2020 finally feels like it matters.\u201d— Krissie (@Krissie) 1661443840
But now that the Biden administration has announced their plan to alleviate debt for those making $125,000 per year—$250,000 for couples—not everyone is celebrating.
The official Twitter account for the GOP Judiciary committee tweeted:
"If you take out a loan, you pay it back."
\u201cIf you take out a loan, you pay it back. \n\nPeriod.\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
But rather than concurrence, the GOP got some reminders.
Like a certain GOP leader's record of paying back loans.
\u201c@Chasten @JudiciaryGOP Trump has filed for business bankruptcy 4 times: the Trump Taj Mahal in 1991, Trump Plaza Hotel in 1992, Trump Hotels and Casinos Resorts in 2004 and Trump Entertainment Resorts in 2009. Each time, the bankruptcy was a Chapter 11 filing.\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@ZoomPoliticum @JudiciaryGOP Student loans are all but impossible to have discharged in bankruptcy. \n\nConvenient, huh?\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@walker_saxon @ZoomPoliticum @JudiciaryGOP The GOP made it that way.\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
In addition to pointing out the many times former Republican President Donald Trump failed to repay his loans, people reminded the GOP of the Republicans who took PPP loans then accepted loan forgiveness instead of paying it back.
\u201c@JudiciaryGOP Oh really Trump gave $500B in PPP loans to his rich buddies and small businesses lost out.\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@JudiciaryGOP Unless it\u2019s a PPP loan, right?\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@JudiciaryGOP Uh. \n\nhttps://t.co/NfTy0xc0aG\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
As well as other bailouts for wealthy corporations and individuals.
\u201cIf you ask me, student loan debt forgiveness is WAY better than government bailouts for banks, subsidies for fossil fuel companies, and PPP loan forgiveness for ungrateful millionaire business owners.\n\nWho agrees? \u270b\u201d— Jon Cooper (@Jon Cooper) 1661430423
\u201cTrump gave a $1.5 trillion tax cut to the ultra rich and corporations. \n\nAnd added $7.8 trillion to the debt overall. \n\nYou can agree or disagree with Biden\u2019s policy decision, but Republican talking points about student loan forgiveness are pure bullshit.\u201d— Kaivan Shroff (@Kaivan Shroff) 1661359029
\u201c@rhonda_harbison @JudiciaryGOP and climbing... the hb-6 corruption costs ohio taxpayers 12,000 an hr to bail out a coal plant in indiana..until hb-6 is fully repealed we ohioans will still pay this\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@JudiciaryGOP The GOP were fine with giving Bailouts to \ud83d\udc47\ud83d\udc47\nWall Street\nFarmers\nAuto Industry \nAirlines & on because that's capitalism? but giving a hand to the working class, THAT'S Socialism???\nSit Down \n#GOPHatesAmericans\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
\u201c@pbogs1219 @JudiciaryGOP Your periodic reminder that the personal tax cuts from 2017 started expiring in 2019, especially for lower income citizens. In fact, by 2027, people making under 75,000 will pay MORE than before the law went in to effect. Until the Inflation Reduction Act that is.\u201d— House Judiciary GOP (@House Judiciary GOP) 1661360587
In addition to loan forgiveness, repayment has been pushed to after December 31, 2022.
Payments can also be capped at 5% of a person's monthly income.
To learn more, you can visit the White House student loan forgiveness FAQ here.