Given the fact Biden has already forgiven student loan debts for some 75,000, give or take a few thousand, borrowers who were ripped off by scam college and university programs, he can certainly do a $50,000 one-time loan forgiveness program as well.
This is not a legislative matter to begin with. This is an administrative issue. I just think Biden is testing the waters of support. I wish he would get with it.
I have written and talked about my debts from over 20 years ago that I have been unable to pay because I currently make shit pay. I had to take a loan out in order to pay for my student teaching since I was not allowed to work, at least full time, while teaching in the schools. I did have my part-time law library job, which didn't interfere. I don't have a massive amount of debt, but even the 10k forgiveness would almost wipe it out completely.
As it currently stands, I am on the income-based repayment plan. I would be 84 years old before my loan would be forgiven, and then I would owe taxes on it for the rest of my life.
Note:
Biden's Education Department has been addressing the $1.7 trillion student-debt crisis in the country. On March 18, Cardona canceled debt for about 72,000 borrowers who were defrauded by for-profit schools, and on Monday, he canceled debt for over 41,000 borrowers with total and permanent disabilities. Cardona has also expanded the pause on student-debt payments through September to 1.14 million borrowers with private loans under the Federal Family Education Loan Program.
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