Congressman Lamborn's Statement on President Biden's Unconstitutional Student Loan Forgiveness Plan

Press Release

On Wednesday, August 24th, President Biden announced an executive order to cancel up to $10,000 of federal student loan debt for Americans making $125,000 or less a year and up to $20,000 for individuals with Pell grants. As a result of the President's decision to bail out millions of borrowers, American taxpayers are now faced with paying upwards of $300 billion in an economy already dealing with historic inflation.

Congressman Lamborn issued the following statement:

"President Biden's decision to cancel $300 billion in student loans is unconstitutional and will make inflation worse. Instead of curtailing runaway higher education costs and holding those who have taken out student loans accountable, the President is instead turning to the 87% of hard-working Americans who either sacrificed to pay off their loan debt or didn't take out any student loans in the first place to pay for someone else's debt. This is grossly unfair. Above all, President Biden's student loan scam is an illegal use of executive authority and will be subject to legal challenge.

"Nearly a year ago, even Speaker Pelosi herself stated, "People think that the President of the United States has the power for debt forgiveness. He does not…that has to be an act of Congress."

"13 months later, President Biden has done just that, and as a result, nearly 60% of Americans are concerned that canceling student loan debt will make inflation worse. Loans do not just disappear. It is on the individual who voluntarily took out these loans to responsibly pay them back. What lesson are people learning through the President's action? That under this administration, government giveaways are just around the corner."

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