Biden administration cancels $5.8 billion in student loan debt for people who attended Corinthian Colleges – CBS News
It’s funny how politics works in this country. If a voter bribes a politician, the briber could wind up in prison, but if a politician makes a deal with millions of voters, it’s called “politics as usual”.
Biden’s plan to forgive student loan debt might alienate people who took out student loans and scrimped and saved to pay back what they owed. They will now have to pay back their tax dollars to help pay off somebody else’s loan.
The Times editorial board has problems with the idea of debt cancellation. If the Biden administration puts forward a plan that voters do not regard as fair, the party could face a backlash.
The latest announcement? All of the balances of anyone who has loans from attending Corinthian Colleges is going to be returned and debts canceled. In the case of Corinthian Colleges, they were found to have a very low graduation rate.
The government is arguing that the for-profit enterprise that, Kamala Harris formerly sued in her home state of California was a shame and that the students shouldn’t have to pay their debts.
How much will this cost tax payers? $5.8 billion.
This doesn’t include the administrations plan for $10k per borrower that was previously announced.
Joe Biden is floating a plan to forgive some student loan debt. If the president approves, he can forgive $10,000 to former students earning $150,000 or less ($300,000 for a married couple).
Maybe a better plan going forward is making borrowing to go to school illegal. The economics would take over and the costs to go to college would plummet.
For more on this story, please consider these sources:
- Biden administration cancels $5.8 billion in student loan debt for people who attended Corinthian Colleges CBS News
- More college student loans to be forgiven 23 ABC News | KERO
- LIVE: Vice President Harris to announce cancellation of Corinthian student loans Reuters
- Bribing some voters by forgiving student loans may backfire on Biden The Hill
- Opinion | Student loan forgiveness is not enough. We need major reform. The Washington Post
- View Full Coverage on Google News