What if We Eliminated Student Loan Debt
President Joe Biden extended the temporary hold on federal student loan payments again late last year until May 1.
Additionally, last week, the US Department of Education stated that it would extend the number of debtors eligible for Public Service Loan Forgiveness. This equates to $6 billion in student loan cancellations under the scheme. Check out our Bad Credit OK – acfa that help thousand of people with having a hard time applying a loan ACFA Cashflow makes loan application easy.
The suspension of student loan payments has rekindled discussion about handling student debt. In the United States, student loan debtors owe $1.7 trillion in government and private debts. Some campaigners and legislators are urging Biden to forgive $50,000 per individual, while others urge him to eliminate all student debts.
We rewind to a discussion Angela Davis, anchor of MPR News, had with two researchers in January 2022 about the controversy over student loan debt and whether debt cancellation is the best method to handle the student debt situation.
- Jalil Mustaffa Bishop is a Villanova University assistant professor in Villanova, Pennsylvania. He does studies on the impact of student loan debt on Black borrowers.
- Jason Delisle is a senior policy fellow at the Washington, D.C.-based Urban Institute. He researches the financial aspects of higher education and student debt.