Nearly one-third of student debt is held by the wealthiest 20 percent of households, compared to just 8 percent held by the poorest 20 percent. President Biden is resisting pressure to cancel all student debt with a stroke of his pen, a priority for progressives like Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez.
Another problem: Millions of American families make enormous sacrifices so their children are not burdened by big college loans. They work second jobs. They skip vacations. They drive used cars. They choose public colleges. Consider the enormous expense as well. Full forgiveness of the $1.6 trillion in outstanding student debt, as Sen. Bernie Sanders has proposed, would exceed federal spending on food stamps over the last decade, or unemployment benefits, or housing aid. It would turbo-charge the federal deficit, and increase inflation by up to .5 percent, according to the Committee for a Responsible Federal Budget.
Number one issue is to lower college costs which have gone up (faster than inflation) due to readily available loans. Colleges do not care if you pay them off. Fix or new loans will only recreate the problem. Maybe colleges should hold the loans against their endowment.
Trash article written by another for profit huckster. Expected better than this shill piece cancelstudentdebt
i want to punch whoever wrote this article. first paragraph was enough for me
How about you get a job And pay a bill... maybe you'll learn something
'Moran' They can't even spell it right
yes, cancel *and* reform higher ed so that people can get a goddamn lib arts degree (which everyone should have) for 1K.
If your college degree does not have enough value for you to live up to your promise to pay, it’s not have enough value for me to pay it off.
A better than usual article. My only exception is the equity part at the end. I side with equality rather than equity. Most people should be treated equally not given special advantage.
Once again just get rid of the interest. And pay back the loan amount.
If not eliminated, then restructure the predatory interest rates and repayment plans. So many folks took out, say, $50k in student loans and now owe over $100k and climbing thanks to interest. Would have been cheaper to pay for college using a department store credit card.
Too bad the tweet doesn’t match the content of the article, which (appropriately) advocates for studentloan cancellation for needier borrowers.
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Actually just cancel all debt it’s bullshit
Just restructure the loans to 40 years at 3% interest.
😒😒😒