POLITICS

Gov Cox signs letter to president, opposing student loan plan

Sep 13, 2022, 3:00 PM | Updated: 6:19 pm

SALT LAKE CITY – Gov. Spencer Cox is among 22 Republican governors who signed a letter to President Joe Biden, calling on him to withdraw his student loan forgiveness plan immediately.

The letter says they “support making higher education more affordable and accessible,” but they argue the current plan does not help in that effort.

Biden’s plan cancels up to $10,000 in student-loan debt for former and some current students. It also cancels up to $20,00 for borrowers who qualified for pell grants from the Department of Education.

The forgiveness is for individuals earning less than $125,000 annually and couples making less than $250,000. The White House says no high-income people– in the top 5% of income – will benefit from the plan.

They say the plan accomplishes three things:

  • Provide targeted debt relief to address the financial harms of the pandemic, fulfilling the President’s campaign promise.
  • Make the student loan system more manageable for current and future borrowers.
  • Protect future students and taxpayers by reducing the cost of college and holding schools accountable when they hike up prices.

The Committee for a Responsible Federal Budget—a nonpartisan organization—estimates the plan will cost between $440 billion and $600 billion over the next ten years.

Biden administration cancels another $3.9 billion in student loan debt 

Cox and other Republican governors argue Biden’s plan benefits high-income earners while shifting the responsibility to pay for those loans to hardworking Americans who avoided debt or have since paid off their loans.

“Americans who did not choose to take out student loans themselves should certainly not be forced to pay for the student loans of others,” the letter reads. “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.”

The letter also argues the President does not have the power to forgive student loans.

“For these reasons and more, we call on you to withdraw your student loan plan immediately,” according to the letter.

How to stay protected from student loan forgiveness scams

In response to the letter Cox signed, Commissioner Dave Woolstenhulme with the Utah System of Higher Education sent the following statement to KSL:

“No matter the outcome stemming from the letter signed by 22 of our nation’s governors opposing the Biden Administration’s student loan forgiveness plan, we support working with our governor, legislature, college presidents, and students to keep the cost of college affordable and accessible for students.”

“The benefits of higher education are numerous, and an affordability approach would most help tomorrow’s students to access these benefits responsibly.”

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Gov Cox signs letter to president, opposing student loan plan