Debtor RIP

For millions of Americans, student debt is about to be ridden out of town. In a much anticipated (and hotly debated) move, President Biden announced his student loan forgiveness plan. “Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness … For recipients of Pell Grants, which are reserved for undergraduates with the most significant financial need, the federal government would cancel up to an additional $10,000 in federal loan debt.” (Pell grants you news for free every day!) For those former students who didn’t major in econ, this plan means that the federal student of debt of about 20 million people would be completely erased and as many as 25 million more will see their burden reduced. The big question is how those not in that group will react to the move. Some will celebrate the cut in overhead. Others will bitch and loan about the lack of fairness. Even Biden was hesitant at first. Mitch McConnell channelled the GOP response calling the move a ‘slap in the face,’ for working American families. I always say, if you’re gonna slap me in the face, do it with $10K.

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