The Folly of Free College?

TREND #5 President Biden has proclaimed that canceling at least a portion of the $1.6 trillion in student debt held by 44 million Americans is part of his economic recovery plan. During the campaign, he supported at least $10,000 per person in federal loan forgiveness, while other leaders in the Democratic Party, including Sens. Schumer and Warren, called for the cancellation of up to $50,000 per person. This contrasts sharply with the Trump administration’s policies which imposed a methodology that curbed debt cancellation under a federal program known as “borrower defense to repayment.” That program, which began in 1994, provides federal loan relief to students whose colleges “lied” to get them to enroll. The Trump administration also scrapped an Obama-era...

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