Loan forgiveness doesn’t address cause of crushing student debt

President Joe Biden, with Education Secretary Miguel Cardona, speaks in the Roosevelt Room of the White House, Friday, June 30, 2023, in Washington. The Biden administration is moving forward on a new student debt relief plan after the Supreme Court struck down his original initiative to provide relief to 43 million borrowers.Just hours after the U.S.

The president’s original plan was a clunky mess that distorted the marketplace, did nothing to lower future costs of higher education and was ungodly expensive. The president’s , a 12-month repayment and late payment forgiveness program, lacks specifics that won’t emerge until federal education officials start writing the rules.As college costs rise, students borrow more, amassing debt obligations that will take them decades to repay, if at all. This leaves students fretting over whether to go into debilitating debt for a degree or even forgo college.

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