Student Loan Forgiveness Draws Comparisons to Military's GI Bill

As President Joe Biden on Wednesday announced a relief plan to forgive the outstanding federal student loan debt for some borrowers, a non-profit for veterans compared loan forgiveness to the military's GI Bill.

"I grew up in poverty in the mountains of NC. I ate out of a garden, lived in government housing, shopped at yard sales. I joined the Air Force. Earned my GI BILL. I attained 4 degrees and created my own version of the American Dream. I am not responsible for your student debt," Code of Vets tweeted on Tuesday.

The GI Bill was passed in 1944 to help eligible veterans and their families get money to cover some or all of school costs, according to the U.S. Department of Veteran Affairs. The bill's benefits help pay for college, graduate school and training programs.

Biden announced on Wednesday that those who have student loans and earn less than $125,000 a year are eligible to receive $20,000 in student loan forgiveness if they obtained Pell Grants, while those who make less than $125,000 a year and didn't receive a Pell Grant will be eligible for $10,000 in loan forgiveness.

Some Twitter users criticized the tweet by Code of Vets, before Biden announced the student loan relief plan, arguing that taxpayers were the ones paying for veterans' education.

"This was all paid for by taxpayers. You didn't do this on your own. You're welcome," one Twitter user wrote. Another person tweeted: "So taxpayers paid for your education. You're welcome."

"The GI Bill is the point! That was govt funding your education. So the rest of us DID pay for your education. FDR wanted it for everyone but the G.I. Bill for veterans was all he was able to get through Congress. It helped build a middle-class then and would help rebuild it now," American author and activist Marianne Williamson said.

Another person wrote: "So every dollar you've ever earned was subsidized by taxpayers. Your housing was subsidized by taxpayers. Your health insurance, benefits, pension, and retirement also completely subsidized by taxpayers. Maybe thank us for paying for your American Dream instead of attacking us."

Some on Twitter also said, in response to Code of Vets, that college students "should enlist in the military or Peace Corps and serve at least two years" if they want their student loans forgiven.

The average cost of attending a four-year public university skyrocketed from $8,000 in 1980 to $22,000 by 2021, according to the White House. The costs have been rising even after taking inflation into account.

A CNBC survey recently showed that 59 percent of Americans are concerned that forgiving loans will make the current inflation worse. The survey, conducted by Momentive, posed the question to more than 5,100 adults between August 4 and August 15.