GOP governors to Biden: Student loan plan will be costly for American taxpayers

President Joe Biden’s student loan forgiveness plan will be costly for American taxpayers, a coalition of GOP governors said in a letter sent Monday to the White House.

The letter, signed by 22 GOP governors, tells Biden to "withdraw" the plan, citing cost estimates of up to $600 billion, or $2,000 per American taxpayer.

"As governors, we support making higher education more affordable and accessible for students in our states, but we fundamentally oppose your plan to force American taxpayers to pay off the student loan debt of an elite few," the coalition wrote.

The coalition includes Alabama Gov. Kay Ivey, Alaska Gov. Mike Dunleavy, Arizona Gov. Doug Ducey, Arkansas Gov. Asa Hutchinson, Florida Gov. Ron DeSantis, Georgia Gov. Brian Kemp, Idaho Gov. Brad Little, Iowa Gov. Kim Reynolds, Maryland Gov. Larry Hogan, Missouri Gov. Mike Parson, Montana Gov. Greg Gianforte, Nebraska Gov. Pete Ricketts, New Hampshire Gov. Chris Sununu, North Dakota Gov. Doug Burgum, Ohio Gov. Mike DeWine, Oklahoma Gov. Kevin Stitt, South Carolina Gov. Henry McMaster, South Dakota Gov. Kristi Noem, Tennessee Gov. Bill Lee, Texas Gov. Greg Abbott, Utah Gov. Spencer Cox, and Wyoming Gov. Mark Gordon.

“At a time when inflation is sky high due to your unprecedented tax-and-spend agenda, your plan will encourage more student borrowing, incentivize higher tuition rates, and drive-up inflation even further, negatively impacting every American,” the governors added.

Biden announced the plan last month during an address from the White House.

“Many people – many people can’t qualify for a mortgage or buy a home because of the debt they continue to carry,” Biden said. “A lot of folks are even putting off starting families because of the cost, and the dream of starting or owning your business is just way off in the distance with a debt that’s – that so many are saddled with.”

The plan forgives $10,000 in federal student loan debt for those who make less than $125,000 annually, while federal Pell Grant recipients will be forgiven $20,000.

The Committee for a Responsible Federal Budget has estimated that the plan's total cost would be $440 to $600 billion.

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