Update: Cramer says Biden plan to erase student loan debt is a “stunt”

WASHINGTON – President Biden has announced his long-awaited plan to deliver on his campaign promise to provide $10,000 in student debt cancellation for millions of Americans – and up to $10,000 more for those with the greatest financial need.

Biden announced in a Wednesday tweet that borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness.

For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.

“Just when you think Joe Biden can’t possibly make inflation worse than he already has, he pulls this stunt,” Republican Sen. Kevin Cramer said.

“Not only will this ‘free money’ further fan the flames of Biden’s inflation, it is fundamentally unfair to the millions of Americans who don’t have student debt to pay off. Transferring student load debt to people who paid theirs off or never accumulated any in the first place is theft, and taxpaying voters will be justifiably outraged,”

Biden is also extending a pause on federal student loan payments through the end of 2022.