‘It’s the right thing to do’: Biden urged to cancel student loans in first 100 days

President campaigned on promises to make higher education more affordable for middle-class families

By
Jim W. Dean and Gordon Duff
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Guardian: Thousands of student debtors have launched a campaign urging Joe Biden to enact full student loan cancellation within the first 100 days of his presidency.

The Debt Collective, which has more than 9,300 members, has tapped 100 debtors to be a part of the “the Biden Jubilee 100” – 100 people going on a debt strike, one representing each day during Biden’s first 100 days. Many have over $100,000 of student debt.



“It’s the right thing to do as the first step to ensuring a fairer higher education system,” said the collective in a petition to Biden. “Even before Covid-19, one million new student debtors were defaulting on their student loans every year. Student loans defaults are hitting women, Black, Indigenous and brown borrowers the hardest.”

Biden campaigned on promises to make higher education more affordable for middle-class families, including debt-free community college and making tuition at public institutions free for families who earn under $125,000 a year.

While Biden fell short of promising to cancel student debt, as the Massachusetts senator Elizabeth Warren had pushed for during her campaign, he promised to halve student loan payments by implementing a program where anyone making over $25,000 will pay 5% of their discretionary income – which does not count taxes or necessary spending like housing and food – to pay for their loans. Anyone who has paid loans for more than 20 years will have their loans forgiven.

https://www.theguardian.com/money/2021/jan/21/cancel-student-loans-joe-biden

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1 COMMENT

  1. A student loan is actually a credit-reinsurance transaction. The issuer of the promissory note underwrites the liability and thereby creates the money / credit by agreeing that they owe it, now, and by undertaking to pay it again (re-pay it) on the maturity date.

    There was never any outside lender who brought any money to these transactions. The so-called creditors in fact received credit from the note-issuers (as beneficiaries of the note), and simply guaranteed it and then returned it (reinsured it) less whatever loan-fee rake-off.

    But they then also received interest as if they had both guaranteed / insured against default – and provided the money / credit. After some 300 years that scam is on the verge of unravelling and the only way to escape justice (equity) is to start talking about “forgiving” all these pretended-loans that never existed.

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