Opinion: Republican issues on student loan relief

Editor’s note: Jill Filipovic is a New York-based journalist and author ofOkay, Boomer, let’s talk: How my generation was left behind.” Follow her twitter. The opinions expressed in this comment are solely her own.view more opinions On CNN.

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Curious about what happened to student loan relief? Blame the Republicans. They are the same people who have repeatedly blocked President Joe Biden’s efforts to forgive the crippling student loan debt that plagues so many Americans. And that’s the message Biden needs to carry.

Last year, all six conservatives on the court voted to block Biden’s student loan relief program, while three liberals voted to uphold it. The program would have given up to $20,000 in loan forgiveness to student loan holders with annual incomes of less than $125,000. About 26 million people applied, according to the White House, but courts dashed their hopes. So the Biden administration is realigning a plan called SAVE (Savings for Worthy Education) to make it faster and easier for borrowers to get their debts forgiven through existing loan forgiveness programs, and to lower monthly payments for many borrowers. made it possible to reduce

Biden also announced on Monday a new student loan forgiveness plan that would wipe out student loan debt for millions of indebted Americans. Under the new program, debt cancellation will be targeted at the neediest borrowers. Nearly 30 million people will qualify, and some will have up to $20,000 in student loan debt interest waived.

These programs would provide significant relief to millions of Americans struggling with student loans that, unlike other forms of debt, are not automatically discharged in bankruptcy. If you max out your credit cards, keep buying luxury cars, fail in your business, or take out a mortgage on an overpriced home, the American system teaches you how to do it without permanently ruining your financial life. They will provide it to you. Imagine an 18-year-old fresh out of high school signing up to pay tens of thousands or even hundreds of thousands of dollars for his education because he was told it was absolutely essential to his success or success. , no such luck. Even if you are a financially stable adult.

Some criticisms of student debt relief are valid, including questions about why the most educated Americans, who tend to be wealthiest, have to pay off their debt. Many student loan holders have well-paying jobs and benefit from their investment in education. These borrowers should not be eligible for government benefits and would not be eligible under Biden’s plan.

But low- to moderate-income adults who owe astronomical amounts not only on student loans but also on their interest will get some financial relief. People who were sucked in by institutions found to have defrauded students or charged obscene tuition fees, even though their employment rates after college were very low, would also receive certain benefits from the Biden plan. You will receive it.

Relieving all these borrowers would free up even more funds. That could mean more money pumped into the economy (more eating out, more personal spending), more ability to save for housing, and more money for working parents to spend on childcare and education. , all of which benefit society as a whole.

Join the Republican Party. One of two lawsuits against the Biden administration over the debt relief plan involves 18 states, both led by Republicans. “Once again, the president is attempting to unilaterally impose a very expensive and controversial policy that failed to pass Congress,” one of the lawsuits states. Why didn’t student debt relief pass Congress? Because Republicans, and perhaps some conservative Democrats, would no doubt block it. However, according to the Department of Education, “Congress gave the U.S. Department of Education authority to define the terms of income-based repayment plans in 1993, and the SAVE plan marks the fourth time the department has exercised that authority. Become.”

The question for the courts will be whether Mr. Biden has the authority to implement these plans. But the more pressing political question is whether student loan relief is an important policy goal. Biden and many Democrats clearly think so. Republicans generally seem to think otherwise, as evidenced by their lawsuits and lack of a comprehensive student debt relief plan of their own.

This Republican stubbornness is a potential gift for Biden. Democratic voters tend to be younger and better educated, two groups more severely affected by student debt. “Joe Biden wants to ease student loan debt, but Republicans won’t let it happen” is a pretty powerful message to send to voters who could benefit greatly from loosening the financial handcuffs of debt. It also suggests that between the broader claims Democrats are trying to make for Biden, namely Democratic support for abortion rights and Republican threats to democracy, Biden and the Democrats have more freedoms, fewer constraints, and more It also has to do with being a party that provides a good life. Republican? They want to keep you in debt, force you to give birth against your will, and put a lying authoritarian in the White House.

Some may think this is not a good strategy for Republicans. But they also resent their constituency, or at least what their constituency believes to be an overeducated, dumb elite with no college degrees. It may also be taking advantage of Americans who like former President Donald Trump’s promises. To police and impose his will. Republicans would reasonably assume that this group opposes student debt relief.

However, voter turnout is just as important as party recognition in elections, and increasing voter turnout requires increasing voter motivation. Who is more motivated? Are you people who are generally opposed to student loan relief but perhaps don’t think about it much, or are you people whose lives would be radically changed by it?

The Biden administration has a big opportunity here. They need to maximize it.