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Oct 4, 2024 · While student loan debt would benefit the wealthy too, "giving money to rich people does not erode the benefits of giving money to poor people." People shouldn't get too hung up on the policy ...
- Student loan forgiveness is an abuse of the loan system. People must be held responsible for their personal economic choices. A 2020 survey found 46% of Americans believe student loan forgiveness is unfair to those who have paid off their loans, and 39% believe it unfair to those without loans.
- Student loan debt forgiveness would disproportionately help rich or more financially secure college graduates. Constantine Yannelis, PhD, Professor of Finance at the University of Chicago, found, “Any policy that is a universal loan forgiveness policy or a capped forgiveness policy — say forgiving debt up to $50,000 — is going to give most of the dollars in forgiveness to upper-income individuals… Basically, most of the benefits will end up accruing to upper-income individuals.”
- Discharging student loan debt would only be a temporary bandage for the much larger problem of inflated college costs. The US already has several student loan forgiveness programs and yet we’re still in a student loan debt crisis.
- Student loan discharge via bankruptcy would allow borrowers to abuse the loan system and encourage colleges to increase tuition. Making it easier to discharge loans would give people an incentive to take out loans with no intention of paying them back, or to borrow more than they need.
Aug 22, 2024 · One Major Student Loan Forgiveness Initiative Ends On September 1. One of the Biden administration’s most successful initiatives, the IDR Account Adjustment, is set to conclude by September 1 ...
Aug 28, 2022 · Examining 3 of the arguments of a heated debate. Student loan borrowers stage a rally in front of The White House on Aug. 25 to celebrate President Biden cancelling student debt. The plan has ...
3 days ago · The new IDR plan would become the only income-driven repayment plan for borrowers who originate their first loan on or after July 1, 2021, with an exception for students who borrowed their first loans prior to July 1, 2021 and who are borrowing to complete their current course of study The Single IDR plan would: cap payments at 12.5 percent of discretionary monthly income while eliminating the ...
Oct 11, 2022 · Of the plan's three components, the one-time student debt forgiveness received the most attention. According to the administration's proposal, borrowers with an annual income of up to $125,000 or households with income of up to $250,000 can apply for $10,000 in student loan debt forgiveness.
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Is cancelling student loan debt a racial and economic justice issue?
Since student loan debt disproportionately impacts Black and Latinx borrowers, especially women , cancelling student debt is a racial and economic justice issue. 1. Student loan debt is a national crisis In recent decades, especially after the 2008 Great Recession, outstanding student loan debt has skyrocketed, reaching $1.7 trillion.
