Gov. Reynolds among 22 governors opposing Biden’s student loan forgiveness plan

CEDAR RAPIDS, Iowa (KCRG) - Iowa Governor Kim Reynolds is among 22 governors who sent a letter to President Biden on Monday, expressing opposition to his plan to forgive thousands of dollars in federal student loans for millions of Americans.

Biden’s plan would forgive $10,000 for Americans who made less than $125,000 in either 2020 or 2021. If a student had a Pell grant, they could get up to $20,000 in loans paid off.

Governor Reynolds said she supports making higher education more affordable for students, but not at the expense of taxpayers.

The governors’ letter says in part,

“At a time when inflation is sky high due to your unprecedented tax-and-spend agenda, your plan will encourage more student borrowing, incentivize higher tuition rates, and drive-up inflation even further, negatively impacting every American. Even economists from your own party oppose your plan for raising demand and increasing inflation. Rather than addressing the high cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today’s problems worse for tomorrow’s students.”

The letter also references a statement Speaker of the House Nancy Pelosi (D-CA) made last year, in which she said the President of the United States does not have the power to forgive student debt.

“He can postpone, he can delay, but he does not have that power,” she said. “That has to be an act of Congress.”

The governors are requesting President Biden immediately withdraw the plan.

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