President Biden: Cancel All Student Loans and Drop Interest Rates Going Forward!

I'm in favor of canceling all student debt—clean slate!—and then dropping the interest rate to zero going forward for new loans. Cancelling the first $50K would be much better than not doing anything. But I'm concerned about all the people who owe much more than they ever borrowed after years of payments because both college costs and loan rates and conditions have been so draconian. Here's an alternative suggestion if canceling all student debt is impossible: Forgive as much student debt as you can. Make the interest rate on existing student loans zero, and make that retroactive. So the amount still owed will be the principal borrowed minus payments made, minus the amount forgiven. Give people 6 months to arrange a realistic plan to pay off their remaining debt, with NO interest charged. Everyone wins! Thanks.

▶ First sent on August 19, 2022 by Jess Craven