Biden Student Loans

Senate Majority Leader Sen. Chuck Schumer of N.Y., center, accompanied by from left, Rep. Mondaire Jones, D-N.Y., D-Mass., Rep. Alma Adams, D-N.C., Rep. Ilhan Omar, D-Minn., Sen. Elizabeth Warren, D-Mass., and Rep. Ayanna Pressley, speaks at a news conference on Capitol Hill in Washington, Thursday, Feb. 4, 2021, about plans to reintroduce a resolution to call on President Joe Biden to take executive action to cancel up to $50,000 in debt for federal student loan borrowers. (AP Photo/Andrew Harnik)

BALTIMORE — Maryland Attorney General Brian Frosh and Delaware Attorney General Kathy Jennings have joined a push for the cancelation of as much as $50,000 in student loan debt per borrower.

The proposal, however, faces some resistance from President Joe Biden who said earlier this week he is not in favor of blanket forgiveness of $50,000 in student loan debt.

Frosh, Jennings and Democratic attorneys general from 14 other states and the District of Columbia are urging Congress to approve forgiveness measures.

Student loan debt totals more $1.71 trillion in the country. Progressives — including U.S. Sen. Elizabeth Warren, D-Mass., are making debt forgiveness a priority with Democrats in charge of the White House and both chambers of Congress.

“Student loan borrowers were already struggling before the COVID-19 pandemic and recession. Many borrowers already owed more than they originally borrowed,” Frosh, Jennings and the other attorneys general write in a Feb. 19 letter to congressional leaders.

“As many as one in five federal student loan borrowers are in default. Many are unable to manage their debt due to disability, illness, or job loss. A growing number are senior citizens living on low fixed incomes. Struggling borrowers are unable to obtain meaningful relief in bankruptcy because under current law, Federal student loans are not dischargeable except under extremely narrow circumstances,” the letter continues.

Skeptics question the fairness of forgiving student loans for borrowers while other students paid their own way through college as well as determining equity of canceling student loans to those who might have attended vocational schools, community colleges or no college at all.

Others want a focus to also looks at high and exorbitant tuition and fees charged by universities.

(1) comment

joewhalen@verizon.net

Organizations that lend money and enjoy the benefits of a good loan ought to bare the burden, suffer the consequences of a bad one.

It seems rather immoral to use threat of imprisonment and violence, (see what happens if you refuse to pay your tax bill and defend yourself when they come after you), in order to force individuals to pay off the loans of those who can not.

Anyone who makes a loan that will likely not be paid back is a fool and should eat their own mistakes like the rest of us do. I certainly have been the fool this way in my life. No government has a moral right to guarantee loans that other individuals must cover if they default. There are many things about this policy that will harm individuals and Americans in general but for now, I'll just mention this one; loan forgiveness is theft, pure and simple. If I don't have the right to forcibly make another human being pay off my debts, how can I confer that right on someone else, ie politicians, to do so for me?

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