One Republican Senator has proposed that universities should foot the bill for President Joe Biden’s controversial student loan forgiveness, not taxpayers.
Sen. Scott wrote a letter to the Wall Street Journal making this very point.
From the letter:
President Biden’s policy not only pins a construction worker in Florida with the debt of an Ivy League grad, but also fails to address what Mitch Daniels identifies in his op-ed “Student Loans and the National Debt” (Sept. 2) as the real issue: universities’ decadeslong practice of unnecessarily raising tuition.
It’s grossly unfair to transfer the debt of college graduates to those who chose not to attend college or have already paid off their loans. Pretending otherwise ignores reality and sets up the expectation that this unlawful ‘forgiveness’ will happen again. It won’t.
Sen. Scott goes on to say tout his COLLEGE Act, which would put higher education institutions on the hook for student debt, implements reporting requirements for metrics related to student success and ensures that massive university endowments benefit students and families first.”
That effort hits on a the most controversial part of Biden’s plan, namely, who will pay for it.
The Committee for a Responsible Federal Budget estimates the student loan cancellation will cost taxpayers half a trillion dollars.
Recent polling shows the issue is politically difficult for elected representatives. Convention of States Action and the Trafalgar Group published a poll showing that about 56% of Americans are less likely to support a candidate who back Biden’s debt cancellation.