People who paid their student loans are raging after Joe Biden revealed plan to cancel student debt
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Joe Biden is delivering on his campaign promise to forgive student debt.
The US President revealed that millions will cop debt cancellations of up to US$10,000 (AUD$14,000, £8,400).
Those in the US that earn less than $125,000 (AUD$180,000, £105,000) a year, or families earning less than $250,000 (AUD$361,000, £211,000), would be eligible for the $10,000 (AUD$14,000, £8,400) in loan forgiveness.
Those who received Pell Grants, which are educational funds for undergraduates with significant financial need, could see their debts slashed by a further $10,000 (AUD$14,000, £8,400).
Despite this being fantastic news for those with student debt, many who had paid off their loans were less than impressed.
In keeping with my campaign promise, my Administration is announcing a plan to give working and middle class families breathing room as they prepare to resume federal student loan payments in January 2023.— President Biden (@POTUS) August 24, 2022
I'll have more details this afternoon. pic.twitter.com/kuZNqoMe4I
One user said: "So now I’m gonna pay my loan and someone else’s. Thanks Grandpa Joe."
A second user added: "This is a total slap In the face to all the hard working people who studied hard - got good jobs (or even crappy ones) busted their a**es and paid back their loans."
A third chipped in with: "I make less than $125,000 a year and have zero student loan debts. This is pandering to a specific group for votes."
Republicans have also come out swinging after Biden's announcement.
Republican Senate Minority Leader Mitch McConnell claimed the debt forgiveness for tens of millions of Americans would be an affront to US troops.
"Biden’s student loan socialism is a slap in the face to every family who sacrificed to save for college, every graduate who paid their debt, and every American who chose a certain career path or volunteered to serve in our Armed Forces in order to avoid taking on debt," he said in a statement.
Republican Senator Chuck Grassley took to Twitter to lash out at Biden's plan.
Ppl making up to $125,000 or a couple making up to $250,000 are getting student loans paid for by everyone else who didn’t go to college or paid their own loans. Will fuel further inflation hurting those who can least afford it UNFAIR— ChuckGrassley (@ChuckGrassley) August 24, 2022
Canceling student debt is a tax on the most responsible people in the country.— Donald Trump Jr. (@DonaldJTrumpJr) August 24, 2022
Forcing people who worked hard to repay their loans or those who didn't have the luxury of going to college, to subsidize people who wasted $$$ on worthless gender study degrees is a slap in the face.
"People making up to $125,000 or a couple making up to $250,000 are getting student loans paid for by everyone else who didn’t go to college or paid their own loans. [This] will fuel further inflation hurting those who can least afford it. UNFAIR."
Meanwhile, Donald Trump Jr said: "Cancelling student debt is a tax on the most responsible people in the country."
The debt forgiveness plan will offer relief to more than 43 million people in the US who have federal student debt.
The White House estimated that Biden's debt forgiveness announcement will see student debt erased for about 20 million Americans, as per Nine News.
You really can never please everyone.