Why student loan amnesty isn't effective (opinion)
Among the urgencies facing President-elect Joe Biden soon after he is sworn in on Jan. 20 is the expiration of the CARES Act’s student loan forbearances (principal and interest) 11 days later and the tidal wave of new payment defaults that is likely to follow.
Biden has repeatedly committed to discharging $10,000 of higher education debt per borrower. At the extreme end of the progressive political spectrum, however, amounts of $50,000 and more are being bandied about.
But the notion of loan forgiveness -- whether in full or in part -- is a political expedient. An ineffective remedy that does …
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