Re: “$39B in student debt will be cut — Biden administration’s move will impact more than 800K borrowers,” July 15 news story. Persis Yu, deputy executive...
This generation and the current administration have a different way of thinking — one of entitlement. I am in my 70s, but my kids are the ones who are going to suffer. The debt grows unconstrained, and until those with debt are held accountable this will continue.It should be clear that no debt is eliminated. It is being transferred to those who do not owe it.
The key factor in solving the student loan saga lies in the return of bankruptcy rights to all student loan borrowers. It creates leverage and regulation to force fair lending and end college tuition gouging. Very few will file, but without bankruptcy rights, it’s a free-for-all as we see now at the Department of Education. The one and only solution is restoring bankruptcy rights.
I’d strongly suggest Sen. John Cornyn reintroduce his bankruptcy bill with Sens. Dick Durbin and Josh Hawley and push it for approval. Other conservatives should join in. Students are swallowed in debt, and the economy will suffer more when loan payments restart.As I understand it, all the students and/or their parents signed paperwork saying they would pay back the loan and whatever interest was agreed upon in a timely manner. COVID-19 happened, which gave them a needed reprieve.
No, it wasn’t easy. No, we didn’t take many vacations. We also paid off our home. We paid off our cars. We paid for food at the grocery store.When you decide to buy something, you have to pay for it. Is educational cost a problem? Yes, it most certainly is. Do we as a nation need to rethink how we are going to educate our youth without destroying their chance at having the American dream? Yes.
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