U.S. Senator Tim Scott issued a statement on President Biden's plan saying in part...“Only one third of Americans have a college degree, and the majority of higher education debt is held by the wealthiest among us. President Biden’s plan to cancel student debt will amount to a $300 billion tax burden that will be paid for by low and middle-class families in the midst of a recession,”
Governor Henry McMaster also released a statement in response to the plan saying "The American Dream of prosperity and happiness - achieved through hard work, self reliance, and playing by the rules - is being threatened by the liberal left's 'something-for-nothing' entitlement culture of handouts, bailouts, and cop outs."
So how many South Carolinians will see their college loan debt eliminated by the President's plan? A study by online lending marketplace Lending Tree published by The State, says just over 29% or just over 200,000 Palmetto State residents with federal student loans will see $10,000 of that debt forgiven. That estimate does not include those with Pell Grants.
