President Biden’s plan to cancel a portion of student loan debt has drawn mixed reactions from both far-leftists and conservatives across social media as some leftists contend it is not enough while others celebrate it as a victory for racial justice, and conservatives claim it will only benefit elites.
President Biden on Wednesday announced his plan to forgive a portion of student loan debt for individual borrowers making less than $125,000.
“In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023. I’ll have more details this afternoon,” Biden said in a post on social media ahead of an afternoon press conference.
According to the graphic attached to the tweet, the administration will forgive $20,000 if an individual making under $125,000 annually went to college on Pell Grants. The figure reduces to $10,000 if the individual did not receive Pell Grants. Additionally, the student loan pause has been extended for the rest of the year, expiring December 31, 2022:
However, this announcement has received mixed responses.
Sen. Bernie Sanders (I-VT), for instance, is contending that the plan does not go far enough, calling for the cancellation of “all” student loan debt.