DENVER (KDVR) — The Biden Administration announced a three-part plan that would forgive up to $20,000 in student debt to millions of Americans, and now Colorado leaders are responding.
With the news that President Biden will forgive $10,000 in loans to those who make less than $125,000 annually and will forgive an additional $10,000 to those who received a Pell Grant, Colorado lawmakers across both parties are chiming in with their reactions.
Some lawmakers applauded Biden’s decision, while others did not agree with the latest proposal. Read all the responses below.
Colorado Attorney General Phil Weiser
Colorado Attorney General Phil Weiser released this statement following the White House’s announcement:
“The student loan debt cancellation the Biden administration announced today will provide much-needed relief for thousands of student loan borrowers in Colorado. Many Coloradans have a crushing debt load and either no degree because they dropped out of a program that did not work for them or a worthless degree because their for-profit schools lied to them about the value of their education and their job prospects after graduation. Others were victims of unfair and predatory loan servicing practices. This action addresses the lingering impact of harm to student borrowers.
My office is committed to protecting students and borrowers and addressing the student debt crisis. So far, we have secured approximately $90 million in debt relief for more than 11,000 Coloradans from our actions against Westwood College, ITT Tech, Colorado Art Institute, and Navient. We have other legal actions pending, and we are fighting for public servants who were promised loan forgiveness in exchange for 10 years of public service but were denied that relief in part because loan servicers mismanaged a critical federal program.
Debt cancellation alone will not fix our current student loan financing system, which is complex, hard to navigate, and unfair to many student borrowers. Moreover, students should not have to accept the heavy burden of debt to earn a degree that can create great stresses and financial hardship. We need meaningful reform to address this issue over the long term. Our team will continue to prioritize this important work and stand up for students.”Attorney General Phil Weiser
Congresswoman Lauren Boebert
Colorado Congresswoman Lauren Boebert issued multiple tweets expressing her views.
On Boebert’s congress Twitter account, she tweeted:
“Joe Biden should have to report this student debt forgiveness stunt to the FEC as it’s nothing but a scheme to buy votes. There is no such thing as debt forgiveness. It’s a misnomer. That national debt is about to skyrocket even more!”
On Boebert’s personal Twitter account, she tweeted the following two tweets:
“Joe Biden is trying to buy votes in the midterm elections. It’s as simple as that.”
“So much of higher education is an indoctrination scam. If the system was working, this student loan bailout wouldn’t be necessary.”
Senator Michael Bennet
Colorado U.S. Senator Michael Bennet released the following statement on the student loan plan:
“Time and again, Coloradans have told me how student loans have made their lives miserable. They’ve devastated their credit scores, made it harder to purchase homes, start a business, or pay for childcare – and this crisis is only growing.
That’s why in June, I urged President Biden to target relief to those who need it most, provide additional relief to Pell grant recipients, and enact long-term reforms to this broken system.
In my view, the administration should have further targeted the relief, and proposed a way to pay for this plan. While immediate relief to families is important, one-time debt cancellation does not solve the underlying problem. So I’m pleased to see reforms to income-driven repayment plans and the Public Service Loan Forgiveness program.
Moving forward, we need to reform the system that got us here in the first place with solutions to bring down the absurd cost of college. We cannot continue to trap another generation of Americans in this cruel cycle. And we need to continue our work to build career pathways to economic security for every American, including those who choose not to pursue a two or four-year degree.”Sen. Michael Bennet
Republican candidate for U.S. Senate Joe O’Dea
Joe O’Dea, who is the Republican nominee running for senate in November, released the following statement:
“Joe Biden’s student loan forgiveness scheme doesn’t erase the debt, it puts $300 billion of new debt on the backs of working Americans. The debt is a national crisis. This compounds it.”
Congressman Doug Lamborn
Congressman Doug Lamborn, who represents Colorado’s 5th District, tweeted out his response:
“Biden’s debt cancelation announcement is a reckless political stunt that will make inflation worse. Instead of curtailing runaway higher education costs, hardworking Americans who sacrificed to pay for college or chose skilled trades will now be forced to pay off others’ debt.”
This story will be updated as more lawmakers deliver their reactions.