Could the government be moving to cancel college student loan debt? It's an issue that's gaining more attention as the Biden administration moves closer to a possible decision.
The topic sparked political divisions on Capitol Hill on Thursday during a hearing.
The political battle lines are sharp. Democrats argue canceling student debt would allow college-educated students to start their careers out from under the weight of loan payments many are struggling to make."The overwhelming number of borrowers do work hard," says Sen. Sherrod Brown of Ohio. "They do play by the rules. Go to college? Check. Get a job? Check. Work hard every day? But instead of achieving the American dream, borrowers are trapped in debt and economic instability.
"It’s almost never acceptable for the taxpayers to be forced to be responsible for someone else’s voluntarily privately incurred debt," says Sen. Patrick Toomey of Pennsylvania. "Cancelation of student debt obscures the root cause of the problem here, and the root cause of the problem is the outrageously high cost of higher education.
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