Iowa politicians react to Biden’s student loan decision
President Biden’s move to provide student loan debt relief for Americans with an annual income below $125,000 is getting some strong reactions from Iowa politicians.
Republican Governor Kim Reynolds said Biden isn’t cancelling student debt, he’s shifting the costs to the taxpayer and to those who worked to pay off their loans.
Deidre DeJear, the Democrat who’s running against Reynolds, said the president took a historic step that will begin to address income inequality and open pathways for financial wellness.
Republican Senator Chuck Grassley said he doesn’t think the president has the authority to make this move and Grassley said during a stop in Sibley yesterday that cancelling student debt discourages people from keeping their word that they’ll repay loans.
Mike Franken, the Democrat who’s running against Grassley, said the president’s plan is a welcome step, including the new sliding scale for repaying student loans that’s based on income,
but Franken said there’s still a need for meaningful legislation to help lower the cost of attending college and trade schools.
About half a million Iowans have outstanding student loans. They owe, in total, over $13 billion as a group on those loans. The average unpaid balance is nearly $30,000.
Senator Joni Ernst, a Republican, said the president’s plan is unfair to those who didn’t go to college or who have already paid off their student loans.
Both major party candidates in Iowa’s second congressional district are critical of the president’s move to forgive some student loan debate.