Background Pony #EC7E
Reports indicate that Biden is close to signing an order eliminating up to $10k in student debt.It’s a start.
Personally I would have liked to see him go a bit higher on the amount, but I’m not going to begrudge him for looking to forgive exactly what he suggested forgiving during his campaign. Especially since he’s never going to get the Republicans in congress to go along with any amount he suggests, and there are still arguments about his power to actually do that sort of thing.
It does seem a bit disingenuous to call it a “start” though, since there are a number of other things he’s done to cancel student loan debt since taking office.
I also don’t think $10k is all that much to sneeze at. According to The Washington Post…
It does seem a bit disingenuous to call it a “start” though, since there are a number of other things he’s done to cancel student loan debt since taking office.
I also don’t think $10k is all that much to sneeze at. According to The Washington Post…
Additionally…
Economists at the Federal Reserve say borrowers with the least amount of debt often have difficulty repaying their loans, at times because they did not complete a degree.
So really, forgiving $10k would entirely clear student debt for a third of those who still have it and cut it in half for an additional 20% after that. Maybe not what everyone was hoping, but certainly not a bad deal.