Fact Check: Republicans Say 87% of American Adults Don't Have Student Loans

Republican Congressmen Dan Crenshaw (L) and Jim Jordan (R) have publicly criticized President Joe Biden's debt forgiveness policy, claiming that most Americans don't have student debt but will still have to pay. It's estimated the policy could cost upwards of $300 billion.LEFT AND CENTER) ALEX WONG, (RIGHT KEVIN DIETSCH/GETTY IMAGES

President Joe Biden recently signed off on a plan to reduce federal student loan debt across America. The policy, which analysts at Pennsylvania's Wharton School of Business suggest could cost upwards of $300 billion, fulfills a Biden campaign promise.

Biden's move was celebrated by his supporters for easing the financial burden of many student debt holders.

However, his critics called the policy unfair, arguing the costs will fall onto the shoulders of those without student debt.

Congressmen Jim Jordan (R-OH), Dan Crenshaw (R-TX), and House Ways and Means Committee Republicans tweeted on August 24, 2022 that the 87 percent of Americans who don't have student loan debt will have to help pay for the debt forgiveness policy.

The Facts

Biden's plan reinstitutes an existing moratorium on student loan payments through the end of the year, and makes borrowers earning less than $125,000 per year eligible for anywhere between $10,000 and $20,000 in student loan forgiveness.

Newsweek has contacted the White House for comment.

The argument that Republicans are making here is that all taxpaying American adults will have to pay for the debt forgiveness policy—unfairly, in their view—even if the vast majority of them have either paid off their college loans or did not have any to begin with.

To calculate this 87 percent estimate, it appears they have taken the number of Americans with federal student debt (estimated to be around 45 million, per the White House) and divided that number by the total U.S. population (around 331.5 million, per the 2020 U.S. Census).                                                                                                                                           This suggests that around 13 percent have federal student debt outstanding, so 87 percent do not.

                                                                   By worldupdatenewsnetwork

Post  By World Update News