Biden’s student debt plan draws criticism from GOP

WASHINGTON (NEXSTAR) — President Joe Biden is taking another shot at a student loan forgiveness plan after the U.S. Supreme Court struck down a similar one last year.

“Give everybody a fair shot,” he explained. “We continue to find alternative paths to reduce student debt payments.”

The president's new plan would cancel some or all federal student loans for more than 30 million Americans.

Borrowers who now owe more than they did at the start of repayment could see up to $20,000 in interest canceled.

The plan would also forgive all interest for borrowers enrolled in the SAVE plan and making less than $120,000 a year.

"He's trying to buy votes," Rep. Bryan Steil (R-Wis.) said.

President Biden made the announcement Monday in the swing state of Wisconsin, where Republicans say the plan is not fair to millions of other Americans.

“Expecting our hardworking blue-collar men and women,” Rep. Derrick Van Orden (R-Wis.) said, “who decide to go to trade school to pay off the bill of people that have decided to get a four-year degree.

The White House says millions of Americans could start to see the amount of interest they owe drop as early as this fall.

“We are working hard to make sure that we follow the law,” said Jon Donenberg with the National Economic Council.

But Steil expects another legal battle at the Supreme Court.

“I think the courts will once again find this action to be unconstitutional, rightfully so,” he said.

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