"With the stroke of a pen, he can follow through on his promise and bring life-changing relief for tens of millions of Americans," Senantor Chuck Schumer wrote in an op-ed.
Many parents are taking out massive federal loans of $50,000 or more to send their kids to these colleges. Is your alma matter or kid's top pick among them?
Default and delinquency rates on parent loans at these schools run as high as 30 to 40 percent just two years after the family's student has left college.
Students of now-closed for-profit schools of Westwood College, the Marinello Schools of Beauty and the Court Reporting Institute will have loans forgiven.
If taxpayers are going to be forced to foot the bill for the college debt incurred by others, the least the government can do is require Congress to vote on it.
"Our action today will give thousands of borrowers a fresh start and the relief they deserve," Education Secretary Miguel Cardona said in a statement.
President Joe Biden's administration still hasn't decided whether it should forgive student loan debt.
Biden said he supported the elimination of thousands of dollars in student loan debt during the 2020 election.
"We need to push him. I believe in full student loan debt cancellation," Ocasio-Cortez said. "But we have to push him to at the bare minimum a floor of $50,000 that Sen. [Elizabeth] Warren and Sen. [Chuck] Schumer have also advanced."
"The domino effects of student debt burdens and loan servicing problems are holding back the upcoming generation," Cordray wrote in his 2020 book, "Watchdog."
The U.S Education Department announced a reorganization of a loan forgiveness plan that is expected to cancel the student debt of more than 40,000 Americans who have disabilities.
The Biden administration outlined a policy shift which will see thousands of students defrauded by for-profit institutions have their full federal loan erased.
The new policy could lead to up to $1 billion in loan forgiveness.
Foreign developers are pushing young American farmers out of the industry, taking advantage of their crippling student loan debts and inability to own property, young Midwest farmers say.
"This provision that's tucked in, I think it tells us that if you care about student debt cancellation, it is go time for you. You need to mobilize, and now is the time to organize to create the political pressure," the New York Democrat said Thursday.
Public support for eliminating student loan debt dropped 16 points when the amount of debt cancellation was increased to $50,000, according to a new Monmouth University survey.
There is a benefit of fast-tracking the elimination of copious amount of student loan debt now, leading the economically fragile into a new world of opportunity.
The study found just 13 percent of Americans said they support forgiving $50,000 in federal student loans.
Lawmakers said forgiving student loan debt would address racial equity and help low-income households.
"The case against student loan forgiveness is looking shakier by the day," Rep. Alexandria Ocasio-Cortez tweeted.
As adult dependents, we can only hope that the comprehensive stimulus checks will set a precedent for future pandemic aid.
President Joe Biden rejected the idea of unilaterally eliminating $50,000 of student loan debt during a town hall on Tuesday night.
Some 44 million Americans are in debt associated with their education, totaling around $1.5 trillion.
If current borrowers have their debt canceled, it will lead incoming students to expect that theirs will also be forgiven. There are superior alternatives Congress can pursue.
AMPLIFY - Finance
There are two kinds of debt: Secured Debt and Unsecured Debt. Finding the right kind and prioritizing them based on what's at stake is a smart choice you have to make at some point in time.
Americans have had the option of not paying their student loans during the coronavirus pandemic, but that provision was expected to end in December 2020.
Warren also blamed DeVos for worsening student debt with DeVos' slowdown of an Obama-era debt relief program.
Senators Chuck Schumer and Elizabeth Warren have also suggested forgiving student debt by executive order.
American higher education needs a wrecking ball—not a bailout.
If Joe Biden raises student loan forgiveness to $20K, millions more borrowers would be free of the crushing federal education debt.