On Thursday’s broadcast of MSNBC’s “The Last Word,” Biden Campaign Co-Chair Rep. James Clyburn (D-SC) stated that a lot of the critics of President Joe Biden’s loan program “fail to recognize that what the President is doing is eliminating interest.” And “most of these people have paid back more than they ever borrowed and still owe more than the original loan was for.”
Clyburn said, “[W]hen it comes to student loans, the President has announced a new program to confront or get around what the Supreme Court did with his first iteration. He’s going to build upon the $146 billion he’s already forgiven for 4 million people, this bill has a chance of reaching another 23 million people, to bring the total to somewhere around 30 million people who will be getting their student loans — the balance of their student loans eliminated. Now, Lawrence, I want to emphasize one thing, because a lot of people who criticize this program fail to recognize that what the President is doing is eliminating interest. People — most of these people have paid back more than they ever borrowed and still owe more than the original loan was for. I have a constituent who borrowed $60,000, paid back that loan for more than 20 years, and…last October, he still owed $119,000.”
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