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Republican governors have sent a joint letter to President Biden opposing his plan to forgive federal student loans.

The letter was signed by 22 Republican governors, including the author Iowa GOP Gov. Kim Reynolds on Monday. Reynolds released a statement expressing concern for American taxpayers not being able to take on the extra financial burden that will come from Biden’s decision.

“We support making higher education more affordable and accessible for students, but not at the expense of the American taxpayers. Your plan will encourage more student borrowing, incentivize higher tuition rates, and drive up inflation even further. These outcomes hurt everyone, but none more so than the millions of working-class Americans who’ve already paid off their loans or chosen not to borrow.”

The letter outlines that Biden’s forgiveness program will cost the average taxpayer more the $2,000 while only benefiting 16-17% of Americans who have federal student loan debt. The letter also discusses that college isn’t for everyone and those who opt differently shouldn’t have to pay for that.

The letter closes with quoting Speaker of the House Nancy Pelosi to prove that President Biden does not have the power to authorize a forgiveness plan.

Gov. Eric Holcomb’s name is not attached to the letter at the time of this article. WIBC has reached out to the governor’s office for comment.