Could the government be moving to cancel college student loan debt? It's an issue that's gaining more attention as the Biden administration moves closer to a possible decision.
The topic sparked political divisions on Capitol Hill on Thursday during a hearing.
The political battle lines are sharp. Democrats argue canceling student debt would allow college-educated students to start their careers out from under the weight of loan payments many are struggling to make."The overwhelming number of borrowers do work hard," says Sen. Sherrod Brown of Ohio. "They do play by the rules. Go to college? Check. Get a job? Check. Work hard every day? But instead of achieving the American dream, borrowers are trapped in debt and economic instability.
"It’s almost never acceptable for the taxpayers to be forced to be responsible for someone else’s voluntarily privately incurred debt," says Sen. Patrick Toomey of Pennsylvania. "Cancelation of student debt obscures the root cause of the problem here, and the root cause of the problem is the outrageously high cost of higher education.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Education Department forgives loans of more than 110,000 people in public serviceThe Education Department has canceled around $6.8 billion in student debt for more than 110,000 borrowers through the public service loan forgiveness waiver.
Read more »
Senate committee weighs economic impact of student loan debt forgivenessMore than 40 million Americans carry student loan debt today, totaling roughly $1.75 trillion.
Read more »
Canceling student loan debt would make college more expensiveIt might be the biggest giveaway in American history. President Joe Biden wants to cancel more than $1 trillion of outstanding student loan debt. Biden has already delayed for more than a year student loan repayment, and under his new rules, most delinquent and deadbeat borrowers would NEVER have…
Read more »
How to help prevent student loan debt as Biden considers forgiveness optionsTalks surrounding student loan forgiveness continue to heat up as the White House confirms President Biden is considering making it a reality, but how can students prevent debt?
Read more »
WSJ News Exclusive | Mass Student Debt Cancellation Legally Risky, Says Top Obama Education LawyerIn a confidential memo, President Barack Obama’s former top Education Department lawyer warned it is 'doubtful' courts would accept Biden canceling debt for all student borrowers
Read more »