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Oct 4, 2024 · Proponents of canceling student debt say it would help relieve the financial burden on lower-income students who sought higher education.
Aug 28, 2022 · President Biden's plan to forgive hundreds of billions of dollars in student debt will help millions – but it's also raising concerns about inflation, economic fairness and college...
2 days ago · No, the President cannot retroactively revoke student loan forgiveness once it has been finalized. Once the federal government discharges a borrower’s debt and the borrower has received official notification, the forgiveness is considered permanent and final. Although the eligibility criteria for future borrowers can be changed, forgiveness ...
- 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.
Mar 4, 2022 · Proponents of student loan forgiveness argue that the elimination of some or all of such debt would mitigate the harmful effects it has on the economy, including reduced home ownership, lower borrower net worth, and hampered small business formation.
Sep 2, 2022 · The move has sparked debate over whether Canada should do the same, but experts are divided over whether cancelling student debt is the best way to help young Canadians.
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Aug 31, 2022 · To be eligible for $10,000 in loan forgiveness, student debtors must have earned less than $125,000 (or $250,000 for a married couple) in the 2020 or 2021 tax years.
