Some argue that debt cancelation isn't the answer and would mostly benefit wealthier borrowers who don't have a problem paying off their loans on time.
"If I were to say to you, would you borrow one hundred thousand dollars to go to Harvard Law School, you wouldn't blink and say yes, that's clearly a good deal," Wellesley College economics professor Phil Levine said. "We shouldn't be absolving those people off their debt. They made an enormous investment that's going to pay off, really, a lot."
President Joe Biden has been largely silent about a plan to broadly cancel student debt since taking office, even though he campaigned on canceling up to $10,000 in student debt for all borrowers. However, his administration has absolved some student debt for certain groups like borrowers with disabilities and active duty service members.
Watch the video above to learn more about the origins of the student debt crisis, the different options the president has explored to cancel it and the many proposals about how to fix the system for the future.
It began with government subsidies.
He should forgive 10 thousand of credit card debt instead.
So do those that saved and sacrifice get a 10k chq ?….awful
God Help Us
Such an unfair system. My kids get $10,000 and don't need it nearly as much as other kids I know that won't get any help.
acorns Just once CNBC can you stop with the leftist BS. You’re supposed to be politically neutral and most importantly a business channel. Please start acting like one.
acorns A good portion of them studies to become a defender of an agenda that does not promote growth and sustainability in the country.
acorns Stop guaranteeing loans for majors with no job prospects!
acorns Stop with the 1958.. Everyone with any memory, or working grey matter wrinkles, knows this started when the government got involved in 2009.. Everything the government touches turns to 💩💩
acorns Oh here we go, the media is starting to pimp the debt forgiveness as Biden prepares to dump the debt on taxpayers. I paid my kids college by working to the bone. When do I get my refund ya bastards!!!!?
acorns All this does is reset the clock. This does nothing to solve the real issue that college costs a ton of money. Yes, millenials will be happy but the next generation will pay for it. It's nothing more than a bandaid to a growing cancer and politicians trying to buy your vote.
acorns get a job!!
acorns Maybe the Federal Government’s policies are responsible for the rapid and continuous rise in college prices?
acorns Student loans were a gift to the left, who dominate both teaching and administrative jobs at universities. As students gained access to money they raised tuition and took more. This was the only way most of these people could increase their standard of living. They’re leaches.
acorns We're they FORCED to take taxpayers money?
acorns So you're saying that private universities as well as State schools charge too much in tuition, and are not functioning as intended? 🧐
acorns Too many people graduating in bad schools with courses that aren’t important.
acorns ⚡️💯🤬💩Wake🇺🇸🆙 Genocidal GreatReset cult unleashed Norwegian rat plague via RAB27A & called it COVID to advance a remote-controlled Digital ID & $BTC $ETH Crypto Carbon Credits Ponzi that Rothschild $PFE $MRNA $MSFT patented b4 2019! LockThemUp! BlackFirst ReparationsNow
acorns What if President Biden helped with student debt by not ruining the economy further and allowing graduates to find gainful employment and pay their own debt off?
acorns Here’s a solution. Fed lowers interest rates to 1%. This saves borrowers thousands. Gov’t still makes money for those who won’t pay. Allow those who have private loans to refinance into federal loans at 1%. Everybody wins.
acorns Only a quarter of the tax payers money going to Zelenskyy.
acorns Borrowers should go after the colleges that defrauded them, not the taxpayers and/or low/middle class via even more inflation.
acorns I took a loan out for nursing school . Medical society said I was first one to pay it back at that time. If u take a loan out , you need to pay it back. It’s a contract..
acorns Are all of the 1958 loans paid off?
acorns The educational system in America is a greedy system
acorns Pride comes from working hard and paying your debts.
acorns There is no doubt that the US has one of the best education system; however, it is too expensive. Do you know how much Chinese pay for college tuition? ~4500 rmb (700 usd) per year~(even for the best universities, like Tsinghua or Peking). The US should do some college reform!
acorns I paid mine
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acorns Why has no one challenged the universities what they charge the students ? Ask the universities to pay off the students debt why should it be the public purse
acorns Wow I'm so glad I withdraw my first profit two days ago now I have another ongoing trade with Crypnicole
acorns
acorns Can’t cancel student without cancelling Wall Street greed GaryGensler Knows
acorns It is all predatory lending and creative accounting Control fraud I bet GaryGensler Knows
acorns I think it should be illegal to force people to apply for student loans.
acorns Times were different as well. Peolke didn't get art majors juts to get a degree. They went for a specific field of study. Then usually went to a grown up job right away. Now they work at Starbucks. One of my friend has no problem paying another who wasted his degree can't.
acorns Maybe make college more efficient?
acorns Shackle a bunch of 18 yo with large amounts of debt based on a promise of future earnings that don’t materialize and surprise, surprise they can’t get a mortgage or afford to have kids and end up living in their parents basement. There has to be a better way
acorns 21st Century students shouldn't be getting into student loan debt before starting ones life paying professors to learned this obsolete 20th century unsubstainable debt base economic system backed by nothing just join their legalized printing press and be handsomely rewarded
acorns If western education is world class tested proven 19th century powergrid 100year old combustion engine n bankrupt debt base banking shouldn't exist today n no idea global elite government created fear mockery virus scam to depopulate planet blaming overpopulation overconsumption
acorns They can't compete with trillions of dollars in corporate loans with zero interest
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acorns What an absolute scam.
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acorns Pay your bills deadbeats
acorns Even so-called poor countries are able to provide education, health free to it's citizens. Surprising & shameful that such an advanced country spending trillions in defence is not ready to make education & health completely free to citizens.
acorns Best way to DestroyCountry is to make key ingredients education, health, opportunities devoid / inaccessible / dearer to youngsters. US, voluntarily doing it to itself. Sold out the life of youngsters to the mercy of corporates, destroying the very future of its citizens. Shame!
acorns Someone needs to buy the domain and put it to use for the people. StudentLoanHero LendingTree BernieSanders SenWarren
acorns Paying off my student loans this month - an end is possible!
acorns The taxpayers should NOT foot the bill. The layabouts must pay their own debts.
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