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Who will be upset if President Biden cancels some student debt? – Colorado Springs, Colorado

Colorado Springs, Colorado 2022-05-09 05:00:13 –

Washington — Does he do or does not? A countdown has begun on whether President Joe Biden will allow student loans.

The decision is expected soon.

Rising cost

After adjusting for inflation in 1988, the average tuition fee for public universities was about $ 3,190, according to the College Board. analysis.

Current, It’s about $ 10,740.

Private universities are nearly four times as large.

That rise in tuition far outweighs inflation, which is one of the reasons why a typical borrowing graduate has about $ 30,000 in college debt when he graduates from college.


“I’m considering some debt cuts,” Biden recently said.

After years of saying that he will never forgive debt in a presidential directive, the president is seriously considering some cancellations.

According to the White House, the exact amount of forgiveness considered is unknown.

The recently discussed plan includes forgiveness that applies to income of less than $ 125,000 per year.

The number is subject to change.

The president said he was expected to announce his decision within a few weeks.

In Washington, progressives say debt forgiveness is popular and will help a lot of people.

That may be true, but it is also true that many people do not benefit from this policy and, by extension, do not look at it favorably.

There is some uncertainty in the legal authority to cancel.

According to Federal Reserve data, only about 40% of Americans over the age of 25 have a college degree.

That means that 60% of the country is not.

How do those Americans feel about this use of taxpayers’ dollars?

recently Federal investigation Reserve reported that 47% of Americans who borrowed at one time paid off their loans completely.

President Biden’s plans are not expected to include repayments to those who have already paid.

Real impact

Of course, when you chat with people who are currently in school, you understand how much this pending debt is all about.

Patrick Milky is worried about life in law school. He is currently attending a school in Ohio.

“That’s a little worrisome. When I get out, will I make enough money to repay those loans?” Milky said.

Even if the president takes action, the debate does not end.

Critics are expected to sue the president over his authority. This means that years of student loan uncertainty may be imminent.

Who will be upset if President Biden cancels some student debt? Source link Who will be upset if President Biden cancels some student debt?

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