WASHINGTON, D.C. – Today, the Biden administration announced it plans to forgive $10,000 in student loan debt for all borrowers earning less than $125,000 and to extend the moratorium on federal student loan payments for another four months.
Inez Stepman, senior policy analyst at Independent Women’s Forum, issued the following statement:
“Student loan forgiveness overwhelmingly benefits, at a seven to one ratio, the upper middle class at the expense of the millions of working Americans who chose not to take on the debt of a degree. It will further escalate the cost of going to college, which has skyrocketed above inflation for decades because the government loan industry has decided that universities are worth subsidizing with trillions. The average voter now disagrees, and trust in universities, the primary beneficiaries of this gravy train, is at an all-time low. With this move, the Biden administration is making it obvious whose interests they really represent: managerial elites and woke institutions, not working or middle class Americans. Loan forgiveness is the regressive gift of the woke revolution”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended, but actually enhance people’s freedom, choices, and opportunities.