Biden says he is forgiving $5 billion in student debt for another 74,000 Americans
President Biden announced Friday that his administration is forgiving $5 billion in student debt for another 74,000 borrowers, marking the latest round of debt cancellation since the Supreme Court voided the president's student loan forgiveness program.
Mr. Biden said that of the borrowers who can receive relief, nearly 44,000 are teachers, nurses, firefighters and others who are eligible for forgiveness after working 10 years of public service. Almost 30,000 of those who will have their debt wiped clean have been repaying their loans for at least 20 years, but did not get the relief they earned through income-based plans, the president said.
With the latest round of student loan forgiveness, more than 3.7 million Americans have had their debt erased under the Biden administration, Mr. Biden said.
Cool, but will that solve anything? Greedy universities still win in this scenario.
Banks, thousands of other kinds of predatory businesses that prey on students: "Ha, yes, yes! 'Geeedy universities,' that's the ticket!"
It's the universities that charge these astronomical prices for tuition, not the banks. So yes, greedy fucking universities.
It's both. The loans are absurdly special status, so the lenders are incentivized to give out more and bigger ones, and the availability of more and bigger student loans means universities can charge more and take in more people
It's a very tangled system with all sorts of perverse incentives
It's a small measure but it's better than nothing. We need free public universities but that's outside of a presidents unilateral authority.
"It's not perfect, so we should do nothing". FFS...
recognizing an issue exists and taking some steps towards acknowledging it and helping people
"Right, but it doesn't solve everything so it's completely worthless."