Senator Collins’ Statement on Administration’s Student Loan Announcement

Washington, D.C.—U.S. Senator Susan Collins issued this statement on the Biden Administration’s plan to cancel up to $20,000 in student loans:

“I am a strong supporter of federal financial assistance to help students pursue higher education, including Pell grants, which are targeted to our lowest-income families, and the GI bill, which helps our veterans pursue higher education.  I also have advocated for expanded loan forgiveness for health care professionals who practice in underserved areas.  President Biden’s decision, however, to cancel student debt for couples making as much as $250,000 is inherently unfair to millions of hardworking Americans who chose not to pursue higher education; paid their own way to attend a community college, trade school, or certificate program; or paid off their student loans.  Essentially, the President is requiring a hardworking logger to subsidize a graduate of Yale who is earning far more but has student loans.  With the stroke of a pen and without congressional approval, the President has added more than $300 billion in new spending.”