<p>Sen. Joe Manchin (D-WV) spoke out in opposition to President Joe Biden&#8217;s student loan forgiveness plan, referring to it as excessive.</p>
<p>Manchin shared his concerns with reporters on Tuesday, <a href="https://thehill.com/homenews/senate/3631415-manchin-calls-biden-student-loan-decision-excessive/" target="_blank" rel="noopener">according to</a> a report by The Hill.</p>
<p>“I just thought that it was excessive. I just respectfully disagree on that,” Manchin said.</p>
<p>“I think there’s other ways. When people were calling me from back in West Virginia, I would give them all the options they had that would reduce their loan by going to work in the federal government,” he added.</p>
<p>Biden announced last month that he would cancel up to $10,000 in federal student loan debt for certain borrowers making less than $125,000 per year.</p>
<p>The new forgiveness plan could cost taxpayers $500 billion, <a href="https://www.crfb.org/blogs/new-student-debt-changes-will-cost-half-trillion-dollars" target="_blank" rel="noopener">according to</a> the Committee for a Responsible Federal Budget.</p>
<p>The committee stated that the new loan forgiveness effort &#8220;will cost between $440 billion and $600 billion over the next ten years, with a central estimate of roughly $500 billion. Combined with today’s announcement, the federal government’s actions on student loans since the start of the COVID-19 pandemic have cost roughly $800 billion.&#8221;</p>
<p>Most of the student loan amount has been due to changes under Biden.</p>
<p>&#8220;Of that amount, roughly $750 billion is due to executive action and regulatory changes made by the Biden Administration,&#8221; the report added.</p>
<p>The Daily Wire previously <a href="https://www.dailywire.com/news/bidenomics-student-debt-amnesty-could-cost-1-trillion" target="_blank" rel="noopener">reported</a> that according to the Wharton School, the plan would cost far more than the White House&#8217;s $300 billion price tag, estimating the total impact could be $1 trillion.</p>
<p>Biden’s “debt cancellation alone will cost up to $519 billion, with about 75% of the benefit accruing to households making $88,000 or less,” Wharton <a href="https://budgetmodel.wharton.upenn.edu/issues/2022/8/26/biden-student-loan-forgiveness" target="_blank" rel="noopener">announced</a> in the study.</p>
<p>The forgiveness plan could also lead to the negative consequence of some students taking out more student loans, causing further problems for the economy, according to the report.</p>
<p>Manchin is not the only Democrat opposing Biden&#8217;s student loan forgiveness plan. Rep. Chris Pappas (D-NH) also recently released a statement rejecting any student loan forgiveness plan that does not go through the legislative process.</p>
<p>“We all know the cost of higher education is crushing families … but this announcement by President Biden is no way to make policy and sidesteps Congress and our oversight and fiscal responsibilities,” Pappas <a href="https://www.dailywire.com/news/no-way-to-make-policy-democratic-congressman-rips-bidens-plan-for-student-debt-cancellation">said</a>. “Any plan to address student debt should go through the legislative process, and it should be more targeted and paid for so it doesn’t add to the deficit.”</p>
<p>Rep. Tim Ryan (D-OH) has also spoken out against the student loan forgiveness plan. He said in a <a href="https://www.cbsnews.com/pittsburgh/news/rep-tim-ryan-breaks-from-biden-on-student-debt-relief-plan/" target="_blank" rel="noopener">statement</a> that the move &#8220;sends the wrong message to the millions of Ohioans without a degree working just as hard to make ends meet.”</p>

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‘Excessive’: Democrat Joe Manchin Blasts Biden’s Student Loan Forgiveness Plan