Biden administration is moving toward a narrower student loan relief

[ThatRobGuy]

Biden administration is moving toward a narrower student loan relief targeting groups of borrowers

The Biden administration is moving toward a narrower student loan relief plan that would target specific groups of borrowers.

apnews.com

WASHINGTON (AP) — The Biden administration is moving toward a narrower student loan relief plan that would target specific groups of borrowers — those with soaring interest, for example — rather than a sweeping plan like the one the Supreme Court rejected in June.

The Education Department on Monday released a draft of new federal rules paving the way for a second attempt at student loan relief. The proposal targets groups that are seen as especially vulnerable, focusing on those who owe so much, or make so little income, that they otherwise may never repay their loans.

It would seem as reality is setting in...


A particular sticking point with me:

“President Biden and I are committed to helping borrowers who’ve been failed by our country’s broken and unaffordable student loan system,” Education Secretary Miguel Cardona said in a statement."


The student loan system is only part of the problem. The schools themselves (who have recruiters talking kids into this situation) share just as much responsibility in this dynamic. For example, if a school has a recruiter who's job it is to convince an idealistic 19 year old that pursuing a humanities or visual/performing arts degree is a worthwhile endeavor to sign on to $70k+ worth of debt to pursue, they should be on the hook for part (or even most) of that debt.

In more direct terms... if a school (via their glorified used car salesmen) talks a kid into signing on to huge debt for a a nonsensical degree, the school should hold some of that responsibility when the reality sets in and that kids is faced with the prospect of paying back a loan that resembles what one would pay for a new Corvette, but with minimal marketable skills to show for it.