COLORADO SPRINGS — Colorado U.S. Senator Michael Bennet and opponent, Joe O’Dea released the following remarks regarding President Joe Biden’s 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,” Bennet said.
In June, Bennet spoke on the Senate floor to urge long-term solutions to America’s student loan system and new measures to drive economic opportunity for all, especially for Americans who do not attend or graduate from college.
Bennet also joined a group of his colleagues to call on the Biden Administration to extend the Public Service Loan Forgiveness (PSLF) waiver deadline until at least July 1, 2023. This is when the Department’s proposed rules to improve and expand federal student debt relief for programs like PSLF will take effect.
“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,” Bennet said. “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.”
Republican nominee for Colorado U.S. Senate Joe O’Dea, said Biden’s student loan forgiveness scheme fails to erase the debt.
“It puts $300 billion of new debt on the backs of working Americans,” said O’Dea. “The debt is a national crisis. This compounds it.”
O’Dea was in opposition to the proposed plan by stating that a $10,000 debt cancellation for low-income borrowers would have “zero impact on their monthly student loan payments,” creating additional inflationary pressure over time.
“Biden’s plan is a one-time mechanism, which does not address the root problem of the high cost of education,” O’Dea added, citing former President Barack Obama’s top economic advisor who called the plan ‘inflationary’ and ‘reckless.’