Speaking before the United States Senate, Senator Mitch McConnell (R-KY) slammed Democrats for supporting student loan debt forgiveness. While on the campaign trail in 2020, President Biden touted the idea of cancellation up to $10,000 per person of federal student loans.
The president is expected to decide on student loan forgiveness in the coming weeks.
“Democrats' policies already have working Americans facing the worst inflation in more than 40 years as well as the risk of a recession,“ McConnell said. McConnell criticized Democrats for “cooking up massive bailouts for Ivy League graduates.”
“You could hardly dream up something more unfair,” McConnell said of bailing out Ivy League student borrowers.
According to higher education expert Mark Kantrowitz, only an estimated 0.3% of federal student borrowers attend Ivy League schools. And the Ivy League comprises only eight schools out of some 6,000 colleges and universities in the United States.
The Roosevelt Institute reports that student debt cancellation would help to decrease the racial wealth gap.