New Ulm, MN – Congressman Brad Finstad (MN-01) today issued the following statement on President Biden’s announcement to cancel up to $20,000 of student loan debt for borrowers making up to $125,000 per year:

“President Biden’s actions today are yet another major executive power grab. This is terrible policy on so many fronts. The vast majority of Americans have saved and paid for their education or taken different career paths that they have invested in. Now, they will be forced to pay the bill for the benefit of people who are often top income earners.

“The Federal Reserve is raising interest rates, hurting the average American in the name of curbing inflation. Rather than truly address problems in workforce development and higher education costs, Biden’s student loan bailout will only continue to fuel inflation at the expense of hard-working Americans.”