Washington, DC — Iowa Senator Chuck Grassley is joining the chorus of Republicans who are working to dismantle President Biden’s proposal to eliminate student loan debt.
Grassley says the plan would unfairly transfer the burden of payment from the original borrowers onto the backs of all taxpayers nationwide.
Grassley says the nation’s budget and fiscal health have been in decline since Biden took office, and he says members of Congress took action Monday which they hope can put a stop to the “lunacy.”
The Biden plan would allow for up to $10,000 in college loans to be wiped out for those who make less than $125,000 a year, and the forgiveness of up to $20,000 for Pell Grant recipients. Grassley says the president’s “budgetary incompetence” needs to come to an end.
He says he’ll work to win passage of bipartisan bills that would better inform students about the true costs of going to college. The administration says more than 400,000 Iowa borrowers would be eligible for student loan forgiveness, and 61% of them being Pell Grant recipients.
