and putting millions of people on a better path to achieve financial security: Forgive all $1.7 trillion Americans still owe on their student loans.
King, who served under President Barack Obama, told CBS News that the federal government paid roughly 80% of the cost of college for students through its Pell grant program in the 1980s. But the government's move in recent decades to cut its investment in higher education has left many students deeply in debt, with today's Pell program covering less than a third of annual tuition for grant recipients.
"We've got to make up for that policy mistake of the last 40 years by addressing the crushing burden of student debt that so many young people feel today and fixing the problem going forward by committing to debt-free college in the United States," King said.to the St. Louis Federal Reserve. The average borrower owes about $37,000.
That anvil of debt often weighs borrowers down for years, forcing them to postpone plans to buy a home, start a business or even have children, King said. Other prominent lawmakers, including senators Elizabeth Warren and Chuck Schumer, have also urged the government to cancel student loans The White House, dating back to 2020 under President Donald Trump, placed an interest-free forbearance on student loan payments during the pandemic. As a result, since March 2020 nearly 37 million borrowers have been excused from making payments on their student loans — an estimated $195 billion worth of waived payments, according to theBut the forbearance ends May 1, and many borrowers are worried about being able to resume payments.
THATS WHY THERE COMMUNITY College AND UNIVERSITIES! There's a difference for a rreason! People can oay there own God damn loans! I AM
Why don't you pay for the 7 trillion John king!!!
Its not our fault they didn't do anything with there education and now there not making any money! This guys IS FORMER KEY WORDS IN THIS SENTANCE.
YOU CANT! ITS NOT FEASABLE!!!! THIS COUNTRY IS ALREADY BROKE! QND GOING BROKER BY THE MINUTE! ITS NOT POSSIBLE! AND THIS GUY DOESNT EVEN SIT IN OFFIXE ANYMORE!!! TO HELL WITH THEM ALL! MAKE PAYMENTS LIKE EVERYONE ELSE! DONT BE SUCH A TIT!
Thank god the former education secretary said this or we would be in trouble
As a current college student who has $20,000 in student debt, I find this idea to be insane since it takes away the opportunity to be personally responsible for paying these loans.
They agreed to the loan. It's their responsibility to pay it back. No free rides. If they can't afford to pay it back they should've taken the loans out.
Biden could cancel it all but he won’t so spare me.
Why didn’t he do it or expressed that opinion when he was the Education Secretary?
They should pay their debts It’s part of the education (I graduated with no debt even though it was often sold as a grant)