President Joe Biden and Vice President Kamala Harris have forgiven nearly $160 billion of student loan debt for over 4 million people, including teachers, firefighters, and public servants. Education Secretary Miguel Cardona emphasizes that debt relief is part of broader efforts to address issues in higher education. The Biden Administration proposes canceling student debt based on hardship, potentially costing hundreds of billions of dollars. The US government faces challenges with escalating debt-to-GDP levels, projected to reach 200% by 2050, leading to concerns about interest payments.
We have worked to take the crushing weight of student debt off teachersโ shoulders by fixing the Public Student Loan Forgiveness program. To date, we have canceled over $62.8 billion in student debt for nearly 900,000 public service workers, including teachers.
๐จNEW from @BudgetHawks๐จ-- Under some measures of "current policy", debt would reach ๐๐๐ ๐ฉ๐๐ซ๐๐๐ง๐ญ ๐จ๐ ๐๐๐ by 2034 and we'll be running annual deficits above 8 percent of GDP per year. https://t.co/szrU8AMn3i https://t.co/BYMH03OqmN
The US government has been on a fiscal irresponsibility spree Debt-to-GDP is at one of the most elevated levels ever seen And is projected to reach a staggering 200% by 2050 The government is going to face a major problem with interest payments Which has already exceeded $1โฆ https://t.co/rp59jsqYC0
The Biden Administration wants to cancel student debt any time an Ed Secretary "determines that a borrower has experienced or is experiencing hardship." That could cost ๐ต๐๐ป๐ฑ๐ฟ๐ฒ๐ฑ๐ ๐ผ๐ณ ๐ฏ๐ถ๐น๐น๐ถ๐ผ๐ป๐ ๐ผ๐ณ ๐ฑ๐ผ๐น๐น๐ฎ๐ฟ๐! via @BudgetHawks: https://t.co/A3cjAoQaty
President @JoeBiden and I have forgiven nearly $160 billion of student loan debt for over 4 million peopleโincluding teachers, firefighters, and public servants.
"While debt relief gets a lot of the attention, and rightfully so, it's part of a suite of things that we're doing to fix a broken higher education system," says Secretary of Education Miguel Cardona. We spoke to him on the latest Person of the Week: https://t.co/HbvzUVpHcI