House Ways and Means Committee Member, Former Higher Education Administrator Rep. Arrington Statement on Biden's Student Loan Bailout

Press Release

Today, Representative Jodey Arrington (TX-19) participated in a House Ways and Means Committee Republican roundtable on President Biden's student loan forgiveness program. The former higher education administrator released the below statement following today's roundtable discussion:

"Biden's Student Loan Bailout is supercharging an entitlement society and shifting the financial burden from a "lucky few" to an entire generation that will suffer the ruinous consequences of a national debt crisis."

Rep. Arrington served as Vice Chancellor for Research and Commercialization for the Texas Tech University System, a major national research institution with nearly 60,000 students in its system, and was a senior advisor to former President George W. Bush.

Background on Biden's Student Loan Forgiveness Program

* Approximately 46 million borrowers in the United States hold a total of about $1.75 trillion in student loan debt. President Biden wants to propose a forgiveness of $10,000 per person minimum depending on income requirements considered by the Administration.
* The income limits in consideration, according to the Washington Post, are $150,000 for individual filers and $300,000 for joint filers. The federal cost of forgiving at least $10,000 per person with these income limits is estimated around $230 billion. That cost would jump to about $321 billion if the Administration's considered income limits were removed.

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