Sen. Elizabeth Warren (D-MA) was heard in a film from 2020 warning a father who had paid off his daughter’s college loans that he would not receive his money back under her loan forgiveness proposal.
According to NPR, President Joe Biden on Wednesday unveiled a new initiative that will “forgive up to $20,000 in federal student loan debt for Pell Grant recipients, and up to $10,000 for other qualifying borrowers.”
Additionally, he prolonged the year-end suspension of federal student loan payments.
According to what he promised during his campaign, Biden tweeted, “My Administration is presenting a proposal to allow working and middle class families breathing room as they get ready to resume federal student loan payments in January 2023.”
The plan has come under fire from conservatives who see it as a large government gift that will badly harm Americans who either did not go to college or who worked hard to pay off their debt. As observed by Joel Pollak in a piece for Breitbart News:
People who have worked hard and made sacrifices to pay off their own school debt should not be rewarded for not making their loan payments. It is also unjust to those who decided against going to college, typically due to the possibility of incurring debt, as they now have to pay as taxpayers to support others’ student loan debt, even though they may already be in debt themselves (such as mortgage and car payments). Furthermore, wealthy borrowers will still discover methods to profit despite income restrictions.
The conversation a furious father had with then-presidential candidate Elizabeth Warren in 2020 when he challenged her about her planned student loan forgiveness program serves as the best example of this justice.
“I only had one question I wanted to ask. My daughter is leaving for the day. I have all of my money saved. There are no college loans owed by her. Will I receive my money back? Father enquired.
Of course not, said Warren.
So those of us who followed the law will be penalized while you pay for others who didn’t save any money? He queried. “My friend had a good time, purchased a car, and took all the trips. My money was saved. He earns more money than I do. I put in double shifts.
You’re making fun of me, he continued. “Yes, you are doing just that. Despite acting morally, we were penalized.
As the conversation came to a conclusion, Warren said, “I appreciate your time.
“I have all of my money saved. There aren’t any student loans for [my daughter]. Will I receive my money back?” “Of course not,” replied @eWarren.
Therefore, those of us who followed the law will suffer while you pay for others who didn’t save any money. pic.twitter.com/eqK7o4Cl9Q
— Washington Examiner, January 23, 2020 (@dcexaminer).
Warren claimed during an appearance on CNN Newsroom that those who have already paid off their student loan debt should be pleased with the president’s program of forgiveness since it will increase economic opportunity.
The findings ultimately demonstrate that many people are unable to leave their mother’s basement, save enough money to purchase a home, launch small enterprises, or start families because of their student loan debt, she added.
“You lessen those borrowers’ debt burdens somewhat, and the economy grows. In other words, forgiving student loan debt is advantageous to the borrowers. But it’s also beneficial to the rest of America and our economy, she continued.
By Paul Bois of Breitbart News, Paraphrased by InfoArmed
