7.7 million borrowers - $50,000 each

[bjcheung77]

Cancel Student Debt?  May 1 is the day that 7.7 million borrowers will each be $50,000 richer! I mean, if the canceling of student debt comes into play... people are calling on Biden to make that decision on Wednesday.

Link: Half of federal student-loan borrowers are 'at-risk' of falling behind when payments resume in May, government watchdog finds (msn.com)

Link: Biden Must Release Memo on Student-Debt Cancellation, 85 Democrats Say (businessinsider.com)

[dfrecore]

Let's not get all excited about this and act like it's a "freebie" for people. Taxpayers are on the hook here. My kids and their kids will be paying off these loans for the rest of their lives, that's not something I'm happy to be handing off to MY kids.

[khwaja1924]

Let's not get all excited about this and act like it's a "freebie" for people.  Taxpayers are on the hook here.  My kids and their kids will be paying off these loans for the rest of their lives, that's not something I'm happy to be handing off to MY kids.

Not to mention that most of these institutions made out like bandits - higher than required tuition costs, unaffordable housing and meal options, and ridiculous prices for books. These higher education institutions created large investment funds, paid themselves handsomely and were never held to account for the lack of meaningful jobs for their graduates. They are spending less and less on quality instruction. 

Basically, our taxes went to the enrich the institutions. These institutions need to return the people's money by pulling it out of their own funds.