Biden Cancels $1.3 Billion Of Student Loans — His Plan For Student Loan Cancellation Is Becoming Cle
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Federal student loan forgiveness program fulfills an elusive promise: To erase debts
https://www.nbcnews.com/news/educat...aYF5gGBhr6xQsGvgygphhZNw8tHqgmP4APNtYZCkBAAA=
https://www.nbcnews.com/news/educat...aYF5gGBhr6xQsGvgygphhZNw8tHqgmP4APNtYZCkBAAA=
Another Brookings article:
A regressive student loan system results in costly racial disparities
With coauthor Raphaël Charron-Chénier, Brookings Fellow Louise Seamster has shown that Black households are more likely to hold student debt at most income levels. In another study, a team including Seamster found that the median student debt for Black borrowing households has increased nearly 100% in only six years. Within the burgeoning racial wealth gap literature, some research has shown debt can worsen racial inequality through disparate structures, terms, and/or returns to “Black debt” and “white debt.”
__________________________
It will be interesting to see how their proposal for loan forgiveness is structured.
A regressive student loan system results in costly racial disparities
With coauthor Raphaël Charron-Chénier, Brookings Fellow Louise Seamster has shown that Black households are more likely to hold student debt at most income levels. In another study, a team including Seamster found that the median student debt for Black borrowing households has increased nearly 100% in only six years. Within the burgeoning racial wealth gap literature, some research has shown debt can worsen racial inequality through disparate structures, terms, and/or returns to “Black debt” and “white debt.”
__________________________
It will be interesting to see how their proposal for loan forgiveness is structured.
How is it that debts are "forgiven"? That means "somebody has to take it in the shorts". Who would do this in "debt forgiveness"? The taxpayer, of course.
Biden wants to forgive student loan debt to gain "political sugar... at the expense of the wrong people". Nothing new about that... yawn.
Digging Deeper on Student Loan Default Rates
Federal data released last year revealed a student-loan default crisis among borrowers who are black or who attended for-profit colleges, with roughly half of both groups defaulting within 12 years after first enrolling in college.
Borrowers often default on modest loan balances, according to the data. And researchers subsequently showed that, as aggregate default rates continue to rise between 12 and 20 years after borrowers begin repaying their loans, up to 40 percent of students who took out loans in 2004 may default by 2023.
A newly released study digs deeper into the numbers and attempts to identify factors that could explain the crisis-level default rates among black borrowers and for-profit students.
After controlling for student and family background characteristics, including measures of income and parental wealth and support, the new research from the Brookings Institution still found big gaps between the default rates of black and white borrowers, and between those who attended for-profits versus other types of colleges.
The federal data show that 17 percent of all students who entered college in 2004, and 28 percent of those who took on student loans, defaulted by 2016, according to the study. Among black borrowers, 48.7 percent defaulted, compared to 21.4 percent of white, non-Hispanic borrowers. Roughly 35 percent of Hispanic borrowers defaulted.
Federal data released last year revealed a student-loan default crisis among borrowers who are black or who attended for-profit colleges, with roughly half of both groups defaulting within 12 years after first enrolling in college.
Borrowers often default on modest loan balances, according to the data. And researchers subsequently showed that, as aggregate default rates continue to rise between 12 and 20 years after borrowers begin repaying their loans, up to 40 percent of students who took out loans in 2004 may default by 2023.
A newly released study digs deeper into the numbers and attempts to identify factors that could explain the crisis-level default rates among black borrowers and for-profit students.
After controlling for student and family background characteristics, including measures of income and parental wealth and support, the new research from the Brookings Institution still found big gaps between the default rates of black and white borrowers, and between those who attended for-profits versus other types of colleges.
The federal data show that 17 percent of all students who entered college in 2004, and 28 percent of those who took on student loans, defaulted by 2016, according to the study. Among black borrowers, 48.7 percent defaulted, compared to 21.4 percent of white, non-Hispanic borrowers. Roughly 35 percent of Hispanic borrowers defaulted.
Education Department forgives $415 million in student debt for borrowers who attended for-profit schools
POINTS
So who picks the winners and losers?
POINTS
- Nearly 16,000 student loan borrowers who attended for-profit schools will get their debts cleared, the U.S. Department of Education announced.
- The relief totals around $415 million.
So who picks the winners and losers?
Biden pressured by the Left on student loans
Liberal senators such as Elizabeth Warren and Chuck Schumer have called on Biden to "cancel" up to $50,000 of debt for each of the nation's 43 million loanees. Biden has mentioned a $10,000 figure but wants it to come in the form of a bill in Congress, again conflicting with more liberal minds who say he can do it alone.
White House press secretary Jen Psaki was asked last week why Biden has not pushed harder to have taxpayers absorb student loans.
"The president has conveyed he'd be happy to sign a bill into law that all of those members [of Congress] could work to get passed," she answered.
Liberal senators such as Elizabeth Warren and Chuck Schumer have called on Biden to "cancel" up to $50,000 of debt for each of the nation's 43 million loanees. Biden has mentioned a $10,000 figure but wants it to come in the form of a bill in Congress, again conflicting with more liberal minds who say he can do it alone.
White House press secretary Jen Psaki was asked last week why Biden has not pushed harder to have taxpayers absorb student loans.
"The president has conveyed he'd be happy to sign a bill into law that all of those members [of Congress] could work to get passed," she answered.
Seriously feels like he's just trolling. That, or the dementia is so severe that he forgot all of Obama's presidency.
If this is your take then I am sure that you will enjoy Trump's next term. The majority of the nation won't but you are certainly cheering for Biden to be out of office.