Throughout COVID-19 and the 2020 presidential elections, many U.S. students and former students were struggling paying high inflation prices and student debt. Consequently, President Joe Biden enforced his student loan forgiveness plan giving up to $20,000 in federal aid. This plan remained on the surface for over a month until now, when Republican governors have asked for it to be taken back.
Over half of the U.S governors have expressed their gratitude for affordable student loans but believe the act is unfair wealth redistribution. Because there are few requirements to receive aid, those who have a higher probability of making six figures will be receiving the same financial support as those who live paycheck to paycheck. In addition, Republicans agreed that financial aid should start at the school. Universities and colleges have a responsibility to make sure their students are able to afford their education and programs therefore, lowering costs and tuition fees.
Finally, Republicans believe that the quick cancellation of student loans will not solve long term student debt problems. Because this is simply a “relief”, things will continue to pile up and more citizens are going to ask for more money. Some suggest this is a systemic issue that needs to be solved from the root, while others say the student loan forgiveness plan should continue to be extended because it works as of right now.