DES MOINES — Today (Monday), Governor Kim Reynolds, along with 21 other Governors, sent a letter to President Biden vehemently opposing his plan to forgive federal student loans for millions of Americans.  “We support making higher education more affordable and accessible for students, but not at the expense of the American taxpayers,” said Gov. Reynolds. “Your plan will encourage more student borrowing, incentivize higher tuition rates, and drive-up inflation even further. These outcomes hurt everyone, but none more so than the millions of working-class Americans who’ve already paid off their loans or chosen not to borrow.”

The Governor’s Office says Currently, an estimated 16-17% of Americans have federal student loan debt that would be forgiven under the Biden Administration’s plan, shifting the burden of cost to each American taxpayer to the tune of more than $2,000 or $16 billion in total.  “Rather than addressing the high cost of tuition for higher education or working to lower interest rates for student loans, your plan kicks the can down the road and makes today’s problems worse for tomorrow’s students,” said Gov. Reynolds.

The Governors request the President immediately withdraw his student loan plan. You can read the full letter here.

Progress Iowa Executive Director Matt Sinovic issued the following statement in response to Governor Kim Reynolds spearheading a letter to President Biden opposing his plan to forgive a portion of student loan debt for millions of Americans:

“The burden of student loan debt has forced millions of Americans into terrible choices, like staying in a bad job or delaying needed medical care. Thankfully, President Biden’s decision to forgive thousands in student loan debt will put money back into the hands of people who keep our economy going.

“Now, Governor Kim Reynolds is once again displaying her hypocrisy and backwards logic. For years she has failed to adequately fund public schools, continuing to cut funding for Iowa’s public universities. At the same time, she has sent massive tax cuts to the companies that are price-gouging Iowa consumers.

“Reynolds is showing Iowans her true colors by railing against President Biden’s student loan forgiveness that is helping thousands of Iowans afford their bills and the things that matter most. Working families fuel our economy, but Corporate Kim is afraid of increasing taxes on the greedy companies that fund her campaign war chest. Iowa workers and families with student loan debt benefit from President Biden’s loan forgiveness. Iowans deserve a leader who supports working families and makes their lives better, not worse.”