President Joe Biden invited plenty of debate Wednesday when he announced an income-capped student loan cancellation plan, which will wipe out as much as $10,000 for most borrowers and $20,000 for federal Pell Grant recipients.
Higher ed associations and some college leaders chimed in with support. So did Democratic lawmakers like Sen. Elizabeth Warren of Massachusetts and Senate Majority Leader Chuck Schumer of New York. Meanwhile, conservatives castigated the move, with Rep. Virginia Foxx, a Republican from North Carolina who is ranking member of the House Education and Labor Committee, calling it a ”$300 plus billion transfer of wealth to the 13 percent of Americans who have student loans.”
