The “forgiveness” of student loan debt is something that Democrats have intensely pushed for.
Left-wing lawmakers in Congress believe that President Biden should “forgive” (and therefore pass onto taxpayers) at least $50K in student debt for impacted Americans. Biden has indicated a willingness to pass on $10K student loan debts onto U.S. taxpayers; although, much to the chagrin of Democrats, he’s come out firmly against $50K loan “forgiveness.”
Still, the conversations about the impacts of student loans in America are not going away, as Breitbart News reports. In fact, just this week, Republican Sen. Mitt Romney and Democrat Sen. Kyrsten Sinema submitted legislation aimed towards matched savings plans for low-income college students.
A Closer Look at the Earn to Learn Act
Sens. Romney and Sinema’s bill for matched savings plans for college students on the lower end of the socioeconomic spectrum comes with some stipulations.
First and foremost, beneficiaries of the legislation are mandated to be eligible for a Pell Grant. Then, these students must put six $500 payments into a bank account. Finally, the completion of a personal finance class is also mandatory to qualify for a matched savings plan.
We introduced our Earn to Learn Act to reduce student loan debt and make college more affordable for students.https://t.co/NjCBXImMnh
— Kyrsten Sinema (@SenatorSinema) April 15, 2021
Sen. Romney and Sen. Sinema have each spoken out about the benefits they believe the Earn to Learn Act will bring to the United States. Romney declared that as the U.S. economy changes, the nation has a responsibility to make sure college students have the training and skills necessary to obtain good employment.
Sinema also shared similar remarks. The Arizona Democrat explained that education provided her with opportunities and this is now something she aims to share with other students. Ultimately, both Romney and Sinema maintain that the Earn to Learn Act will help students obtain higher education without facing massive debt post-graduation.
Will it Pass Congress?
The Earn to Learn Act is one of the only pieces of bipartisan legislation that Congress has seen since the Biden administration’s arrival to the White House. Whether or not the legislation ultimately passes through Congress and garners the necessary votes remains to be seen.
Student loan forgiveness doesn't actually forgive the loan. It just transfers the debt to people who never asked for the loan, never agreed to the terms, and never benefited from the loan or saw any of that money.
— Steve (@oldguy_steve) April 14, 2021
Some lawmakers with concerns about student loan debt could possibly be incentivized to back this legislation. However, for the time being, the jury is still out.
What are your thoughts about the Earn to Learn Act? Do you believe lawmakers will get behind it? Let us know down below in the comments section below.