Critics call Biden’s debt forgiveness “unfair”

Not everyone is happy with President Joe Biden's student loan forgiveness plan. WSMV's Michael Warrick reports.
Published: Aug. 25, 2022 at 5:54 PM CDT
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NASHVILLE, Tenn. (WSMV) - While millions of Americans are on the watch for how to apply for student debt forgiveness, some people are feeling left out.

The Biden Administration announced it would cancel $10,000 of student loan debt for people making less than $125,000 a year.

The White House estimates that about 43 million people will qualify, with 20 million seeing their student debt wiped out.

Brad Oakes is a father whose son went to Lipscomb University and left with about $30,000 in debt. Oakes says the policy is unfair to people like his son, who worked hard to pay it off.

“It didn’t seem to me like it was a fair shake for the folks who paid off their student loans versus the ones who are going to take advantage of the $10,000 gift,” Oakes said. “[He] had to repay all that debt and did repay all that debt. And I know he and I wished if you’re going to get a $10,000 gift back from the government, it’d be nice for him to receive one too.”

The debt forgiveness plan also applies to couples who make less than $250,000 as a household.

Pell Grant recipients qualify for up to $20,000 in student debt forgiveness.

Another one of Oakes’ concerns is that people who would’ve gone to college, and didn’t, might have reconsidered if they knew about the President’s debt forgiveness program.

“Folks who didn’t even go to school at all and didn’t feel like they could afford to go to school to get a degree; they might have gone to school and wanted to take advantage of the debt forgiveness on the student loans,” Oakes said.

The Biden administration says it will launch an application for borrowers to provide their income information in the coming weeks.