INDIANAPOLIS — The Indiana Democratic Party released the following statement by IDP Chairman Mike Schmuhl after the US Supreme Court ruled to overturn President Biden’s student loan forgiveness programs:
“The student debt crisis is hurting our economy, and the ability for young Hoosiers and Americans to buy a home and start their lives. The impact of the first global pandemic in over 100 years has only exacerbated the crisis. Despite this, the Supreme Court decided to rule against millions of borrowers who just wish to have the ability to start their own businesses, and own a home like the generations before them.
We all do better when we all do better. President Biden understands this, and Hoosier Democrats supported his student debt forgiveness plan because all should have the ability to seek higher education, no matter their economic status or background. In Indiana alone, borrowers hold $30 billion and the average debt owed is over $32,000.
Every step of the way Indiana Republicans have refused to recognize the student debt crisis and tried to undermine loan forgiveness, including that of Pell Grant recipients. Statehouse Republicans even moved to make borrowers pay income taxes on any loans forgiven.
Republican policies have meant a smaller and smaller percentage of higher ed budgets have come from state sources. This has forced costs to students to soar and restricted the ability for many to go to college. We must begin the process of fully-funding our colleges and universities so Hoosiers can gain a life-changing education without a lifetime of debt.”