Biden's plan of canceling student loan debt becomes issue in Illinois' 8th Congressional District

SCHAUMBURG, Ill. - President Joe Biden announced a plan Wednesday to cancel hundreds of billions of dollars in student loan debt.

"Both of these targeted actions are for families who need it the most," Biden said.

The president also granted what he called one final extension of a temporary moratorium on repayment.

Biden’s plan to cancel $10,000 in student loan debt for most borrowers – and $20,000 for those with Pell grants – became an instant issue in Illinois’ suburban 8th Congressional District.

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"This is Robin Hood in reverse. This is simply taking from the poor and the middle class and giving to the better off among us," said Chris Dargis, candidate for Congress in the 8th District.

"I think in principle it's a good idea. But it needs some work," said 8th District Incumbent Rep. Raja Krishnamoorthi.

The economically diverse 8th District includes parts of Cook, DuPage and Kane counties, with lots of voters who borrowed to go to college, as well as lots of blue-collar voters who didn't go to college and may resent being excluded from the debt relief plan.

"My two sons, they're paying for college by serving in the Army reserves. There's other ways to pay. Loans can be structured. Jobs can be had," Dargis said.

"The two-thirds of Americans who do not get a four-year degree, and for them I wanna see some benefit," said Rep. Krishnamoorthi.

Krishnamoorthi's plan would probably require new legislation, which is very unlikely before the Nov. 8th election.

Critics note some of Biden’s allies have said he lacks the power to cancel $300 billion in student loans that he announced Wednesday. They predict federal judges will overturn it.

"The Department of Education itself, as well as Speaker Pelosi, said within the past year that this cannot be done," said Mark Glennon of WirePoints.org.

Borrowers will have to apply for this student loan relief. It won't be automatic. You can find details HERE.