The governors said that the plan would further exacerbate already high inflation.
Twenty-two Republican governors asked President Joe Biden to reconsider his plan to offer federal student loan forgiveness for millions of borrowers.
The Consumer Price Index indicates that goods and services have increased 8.3% in the last year, which is down slightly from 9.1% in June, but remains well above historical norms. Not all Republican governors signed the letter to Biden. The GOP governors of Massachusetts, Indiana, Mississippi, Vermont, Virginia and West Virginia were not among the signees.
A Penn University study found loan forgiveness would cost $469 billion to $519 billion to implement. They said with updated income-driven repayment plans and additional loan forbearance programs, the total cost could exceed $600 billion.
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