Iowa Governor Opposing President’s Student Loan

Posted on September 12, 2022Comments Off on Iowa Governor Opposing President’s Student Loan

Gov. Reynolds, 21 Governors send letter to President opposing student loan Student Loan Forgiveness Plan

(STL.News) Today, Governor Kim Reynolds, along with 21 other Governors, sent a letter to President Biden vehemently opposing his plan to forgive federal student loans for millions of Americans.

“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.”

Currently, an estimated 16-17% of Americans have federal student loan debt that would be forgiven under the Biden Administration’s plan, shifting the burden of cost to each American taxpayer to the tune 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 the President immediately withdraw his student loan plan.

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