Commonwealth Policy Center

Pres. Joe Biden plans to absolve millions of their college student loan debt. This has angered those who’ve been financially responsible and have worked to pay off their debts. As it is, the one-third of all student debt is carried by the wealthiest 20 percent of households. While only 8 percent is held by the bottom 20 percent of households. Arkansas Sen. Tom Cotton said, “This plan would ‘cancel’ nothing. It would only transfer debt from borrowers to taxpayers and redistribute wealth from the responsible to the privileged.” Cotton calls this the “worst kind of class warfare — a war on the responsible and hard-working.” Cotton is now calling on Congress to stop the massive debt cancellation in order to “protect our children from being on the hook for hundreds of billions — or even trillions — in student loans that they never took out.”