Financial expert Michael Taylor believes that student loan debt forgiveness as currently...
Student loan borrowers gather near The White House on May 12 to urge President Joe Biden to cancel student debt.May 11 marked a financial watershed for my friend Laura Davenport, a teacher at Alamo Colleges in San Antonio. She received an email that day from the Department of Education saying that her $155,000 of student loan debt had been forgiven through aShe had been working for years to qualify for such debt relief.
The cost of higher education has become outrageous. Tuition inflation has averaged 6.2 percent for the past 20 years, much higher than inflation in the rest of the economy, and certainly outpacing wage increases. Student loan debt balances are bigger than credit card debt balances, roughly $1.7 trillion compared to $840 billion. About 13 percent of Americans have student loan debt, making it a widespread burden.
Vice President Kamala Harris, alongside Education Secretary Miguel Cardona, speaks at the Department of Education in Washington, D.C., on June 2. The U.S. will forgive $5.8 billion in outstanding debt for students of defunct Corinthian Colleges, who the government says were deceived and defrauded.Second, it’s bad politics.
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