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GOP Sen. Chuck Grassley Argues That Student Loan Forgiveness is a “Moral Hazard”

Last updated on July 18th, 2023 at 01:36 pm

For a number of years, Americans have been drowning in student loan debts. The costs of college have way outpaced American wages and students have had serious trouble paying back their high interest loans.

The idea has wide bi-partisan support as both Republicans and Democrats are having trouble paying back their loans. Joe Biden has floated the idea of forgiving up to $50,000 of those loans for Americans.

This, not surprisingly enraged some Republican senators, among them, Iowa’s 87 year lawmaker Chuck Grassley.

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Grassley said during a student loan hearing, “Several members on the other side of the aisle have urged the Biden administration to cancel $10,000 to $50,000 in student loan debt — this is a questionable idea.”

The Iowa senator continued, “[Biden] also lacks the authority to do this, even Speaker of the House [Nancy] Pelosi herself recently said, and I want to quote: ‘The President can’t do it.’ So that’s not even a discussion.”

Grassley closed, “We must consider the moral hazard and the cost to taxpayers. I don’t think that we should ask those who did not attend college to pick up the tab for those who did. So I urge my colleagues to look at all the factors that are driving high levels of debt in higher education and closely examine the costs associated with any reform.”

The idea of student loan forgiveness is supported by 66% of voters doesn’t seem to matter to Grassley. He will always choose his donors over his constituents.

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