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- Biden Cancels $6 billion in Student Loan Debt
Biden Cancels $6 billion in Student Loan Debt
Equivalent to roughly $75,000 per person
Biden Cancels $6 Billion in Student Loan Debt
Nearly 80,000 public service workers will have roughly $6 billion in student loans forgiven. And now, the Biden administration has canceled nearly $144 billion in federal student loans.
But what does mainstream media think of all this?
What is the left saying?The left has widely supported Biden’s move to cancel more student loans, especially for public servants: With these new cancellations, Biden has now helped dissolve 870,000 public service workers’ student loans. And ever since Biden stepped into office, fixing the “broken” student loan program was one of his biggest goals. “From day one of my administration, I promised to fix broken student loan programs and make sure higher education is a ticket to the middle class, not a barrier to opportunity,” Biden’s also pushing for wider cancelations for borrowers — for those making payments for decades & those who attended “low value” colleges. And if re-elected in this year’s election, those cancelations are expected to continue for the next few years. “I won’t back down from using every tool at my disposal to deliver student debt relief to more Americans, and build an economy from the middle out and bottom up.” Finally, the Secretary of Education, Miguel Cardona believes this will benefit the U.S. economy, as public service workers can now access the debt relief they’re “entitled” to. For those struggling with financial difficulties, student debt cancelations are amazing — but what will happen to students in the future? | What is the right saying?The right is concerned that Biden’s focusing on the wrong thing, instead of addressing high college costs: On average, college tuition costs over $35k a year — with a yearly growth of 6.8%. And outraged conservatives (who claim this is illegal) believe the Biden administration should be battling the root cause of highly inflated tuition costs for students. “Tomorrow’s students will face even greater challenges as [than] students today because this administration can’t be bothered to work on lowering tuition costs, improving degree completion rates, or holding institutions accountable.” But what’s interesting is that Biden’s original plan to cancel student loans was ruled illegal by the Supreme Court. And some on the right believe pushing past the Supreme Court is a way to “buy votes”. “Ever since the Supreme Court put a stop to Biden’s illegal mass loan forgiveness, he has taken a ‘death by a thousand cuts’ approach to foisting as much debt as possible onto the federal taxpayer in an effort to buy votes,” Angela Morabito raises an important concern — the national debt. The national debt is almost $35 trillion, the highest it’s ever been. Is the student loan forgiveness worth it or does it put the US economy at an even greater risk? |
Let’s Seek Common Ground, What Are The Facts?
Nearly 80,000 public service workers — including teachers, nurses and firefighters — will have $6 billion in student loans forgiven
This will equate to roughly $75,000 per person in student loan forgiveness
The Biden Administration has now canceled student debt for over 870,000 public service workers — compared to 7,000 prior to forgiveness
To date, President Biden has canceled $143bn in debt for nearly 4 million people in total
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