Politicians and pundits on both sides of the aisle acknowledge that millions of Americans are saddled with massive student loans that do not always pay off in the real world. Of course, their respective plans for addressing the issue vary widely depending on ideological predilections.
U.S. Rep. Glenn Grothman (R-WI), for example, believes that the citizens deserve some help from the government, but does not buy into the left’s “insulting” plan for student loan forgiveness.
As part of a recent Newsmax interview, he touted his proposed bill as a way to get the crisis under control, though he noted that he has received significant backlash from many colleges and universities.
“It doesn’t say much for the educational establishment that they would encourage kids to take on more student debt, but that’s what I found when I shopped this idea to educational institutions around my district,” Grothman said.
In fact, he claimed that many colleges see student loans as a “selling point” rather than a burden that students will carry with them for decades after graduation. The lawmaker went on to connect the dots between increasing student loan amounts and the decisions of many young adults to delay various milestones in their lives.
“I think in an ideal country, maybe by the time you’re 24, 25, you should be married, have kids [and be] buying a house,” he said. “But you can’t do that if you’re laying on 40 or 50 or 60,000 dollars of student loan debt.”
Grothman acknowledged that much of the onus is on students to “pay more attention” to their personal income and the size of their loans, encouraging young adults to consult with a financial adviser before making any such decisions.
While he believes that there are commonsense solutions that the federal government can implement to help students manage their debt, he said that the Biden administration should not have the unilateral power to cancel the amount owed on such loans.
He said that blanket forgiveness “is particularly insulting to Americans who paid their loans or never attended college, and they deserve an explanation.”
President Joe Biden instituted a student loan repayment freeze during the COVID-19 lockdowns and has not indicated whether it will be extended when it is set to expire at the end of the month.
How long before Democrats introduce a bill called the "Student Loan Forgiveness Act" …where zero dollars go to forgiving student loans and all the money is used to militarize the Department of Agriculture?
— Tim Young (@TimRunsHisMouth) August 18, 2022
Student Debt Crisis Center President Natalia Abrams said that the suspense has led to “stress and anxiety and frankly fear” among those who could be receiving large bills within a couple of weeks.
“The very first question is: What do we know? What’s going to happen? What do I need to do to scrounge up money to pay for student loans next month?” she added.