Donald Trump, Jr. (Photo by Samuel Corum/Getty Images)
Donald Trump, Jr. weighed in on student loan forgiveness and here’s what he had to say.
Here’s what you need to know.
Trump has strongly criticized President Joe Bidens’ potential plan to forgive student loans for millions of Americans. Biden basically wants blue-collar workers like the truckers who didn’t have the luxury of going to college to get drunk for four years to bail out a group of upper-middle-class kids who chose to spend dozens of thousands of dollars that they didn’t have worthless gender studies degrees, Trump told The Washington Post.
Trump refers to a major criticism of large-scale student loan cancellation. As many Republicans have argued, Americans who either didn’t go to college or couldn’t afford to go to college would pay off student loan debt for the privileged few who could. According to the latest student debt statistics, about 80% of American adults don’t have student loans or haven’t gone to college.
Student loan forgiveness: Republicans called student loan relief a bad idea
From student loan forgiveness to more student loan relief, Republicans have vehemently opposed Biden’s student loan forgiveness. Federal student loan borrowers have not been required to pay a single dollar in federal student loans since Biden became president. Congress passed historic bipartisan student loan relief in March 2020 in response to the Covid-19 pandemic as part of the $2 trillion Cares Act stimulus package. President Donald Trump has extended this student loan relief twice, and Biden has extended student loan relief, which includes student loan payment suspension, an additional four times through August 31, 2022.
Representative Virginia Foxx (R-NC), the top Republican on the House Education and Labor Committee, called the large-scale student loan cancellation a mistake. Sen. Tom Cotton (R-AR) said expanding student loan relief is a terrible idea. Other Republicans have said the large-scale cancellation of student loans represents a classic redistribution of wealth. Five Republican senators have introduced legislation that would prevent Biden from canceling student loans. As Americans continue to return to the workforce more than two years into the pandemic, it’s time for borrowers to resume paying off student debt, said Sen. John Thune (R-SD), who introduced the legislation. … Any future suspension of federal student loan repayments should be left to Congress, not the Biden administration.
Student Loans: What Happens Next?
Biden is considering a large-scale student loan forgiveness and could announce his decision in a few weeks. That said, there is no guarantee that Biden will forgive student loans or who will qualify for Biden’s student loan forgiveness. Progressive Democrats in Congress, who have lobbied the president to cancel student loans, have championed large-scale student loan relief. They argue that canceling student loans will boost the economy, reduce disparities and help borrowers get married, start families, buy homes and save for retirement. That said, student loan forgiveness could mean the end of student loan relief. If Biden cancels student loans, you should also expect limits on student loan cancellation. For example, Biden could restrict student loan relief to only federal student loans, college student loans, or both. To qualify, student borrowers could also face a maximum income requirement, which could exclude millions of student borrowers.
As the end of temporary student loan relief approaches, make sure you have a clear strategy for repaying student loans. Get started now to understand all of your student loan repayment options. Here are some of the best ways to pay off student loans faster:
Student Loans: Related Reading Bill Maher: Student Loan Forgiveness Is A Loser Issue Biden Confirms He Won’t Forgive $50,000 In Student Loans5 Key Takeaways Student Loan Forgiveness: 5 Key Takeaways From An Announcement Major Student Loan Forgiveness: Who Might Qualify Under the Bidens Plan
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