Biden should withdraw his student-loan forgiveness plan 'immediately,' 22 GOP governors say: 'Your plan rewards the rich and punishes the poor'

• In August, Biden announced up to $20,000 in student-loan forgiveness for federal borrowers.
• 22 GOP governors called on Biden to withdraw that plan.

A group of Republican governors came together in the latest move opposing President Joe Biden's student-loan forgiveness plan.

On Monday, 22 GOP governors, including Florida's Ron DeSantis and Texas' Greg Abbott, wrote a letter to Biden requesting that he "immediately" withdraw his plan to forgive up to $20,000 in student debt for federal borrowers making under $125,000 a year. They said the policy will cost taxpayers and exacerbate inflation while failing to permanently solve issues with rising tuition costs, and they argued the cost of the plan is "a price the people of our states cannot afford."

"Simply put, your plan rewards the rich and punishes the poor," they wrote. "College may not be the right decision for every American, but for the students who took out loans, it was their decision: able adults and willing borrowers who knowingly agreed to the terms of the loan and consented to taking on debt in exchange for taking classes."

"A high-cost degree is not the key to unlocking the American Dream—hard work and personal responsibility is," they added. "For many borrowers, they worked hard, made sacrifices, and paid off their debt. For many others, they chose hard work and a paycheck rather than more school and a loan. Americans who did not choose to take out student loans themselves should certainly not be forced to pay for the student loans of others."

They also cited remarks made by Speaker of the House Nancy Pelosi last year, in which she said that the president does not have the authority to cancel student debt broadly. While Pelosi changed her stance prior to Biden's announcement of relief, many Republicans have been using her comments to support their arguments as to why broad debt cancellation is illegal, even as Biden's administration maintains it has the authority under the HEROES Act of 2003 to modify or waive student-loan balances in connection with a national emergency, like the pandemic.

Even before Biden announced relief, Republicans have been blasting the policy — but their criticisms have been ramping up in recent weeks. Some lawmakers, like Texas Sen. Ted Cruz, have even said they are attempting to pursue legal action to block the relief in court, which Insider reported would be a difficult feat.

Regardless of the pushback from opponents of broad debt relief, Biden's Education Department says it has the standing to carry out this policy, and borrowers should prepare for applications for loan forgiveness to become live in early October.