Music going to college has become part of life, like a necessity for everyone. The government should be able to pay their part, and we're probably able to go the idea of taxpayers forgiving the debt is a good one in principle, quite fine in practice. I'm not really sure how they carry that out. Student loan debt has reached an all-time high, placing a great strain on many young graduates. This has led some to propose debt forgiveness as a way to help the needy. Will debt forgiveness achieve this goal? I'd say no, for two reasons. First of all, it would only be a temporary solution to help currently indebted students. It wouldn't change what got those students into debt in the first place. It wouldn't prevent future students from taking on even more debt, and it wouldn't reduce the pressures causing tuitions to rise. Second, forgiving the debt doesn't magically make it go away. The government, meaning taxpayers, would be forced to pay it with our enormous national debt. That's pretty hard to justify, especially since college graduates, on the whole, are one of the more privileged groups in the country. After all, college graduates have higher wages and a lower unemployment rate than the national average. Plus, they've already benefited from government subsidies in the form of grants, tax credits, subsidized tuition, and subsidized loans. Forgiving the debt of college graduates would be giving money to a group that's already relatively well-off. Of course, many college graduates are still struggling to find jobs and pay back their loans, but instead of debt forgiveness, there's another reform that would give relief to those carrying large amounts of student debt. Under current law, all student loans, public and private, are non-dischargeable. This means that, unlike all other types...
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Thousands apply to u.s. to forgive their student loans Form: What You Should Know
About 300,000 Americans will be helped by a single federal effort: 2 billion for a single program Students will be able to have the remaining balance forgiven by working toward income based repayment Jan 23, 2024 — The Obama administration has approved a single-payment plan aimed at helping tens of thousands of Americans with student loans. Student Loan Consolidation Program Feb 6, 2024 – 4 billion in new student loan debt relief, courtesy of Congress. Student loan forgiveness is a great option for many, thanks to Trump. FACT SHEET: President Joe Biden Announces Student Loan May 25, 2024 — The Obama administration will forgive more than 8,000 in unneeded federal student loans. This is the largest student debt relief effort in the history of the federal government. The federal loan forgiveness program can help borrowers facing financial hardship. May 20, 2024 — Congress has passed a bipartisan bill to forgive more student loans than any administration in history. As a result, debtors have been spared from paying more on their student loans than if they weren't carrying any student loan debt at all. The relief is effective immediately, and borrowers can begin to repay student debt through their Direct Loans or a portion of their Direct Loans. Biden Announces Student Loan May 24, 2024 — The Obama administration today announced the release of a plan to forgive more than 8,000 in student loans. That includes nearly 1.3 million student borrowers who don't get full cancellation benefits. The new program will bring benefits to more than 300,000 borrowers — more than any recent administration. FACT SHEET: The 80 billion Student Aid Debt Relief Act Oct 26, 2024 — President Donald Trump is making an historic investment in higher education. The White House announced Wednesday a proposal to forgive loans for all graduating seniors, which amounts to over 80 billion in student loan debt relief over the next 10 years. There's 10 billion in new funding in the package. 1 billion of that would go to the Department of Education to create a special college funding program. About 3 billion would go to state and federal student aid programs. 4 billion would go to the student loan market to ensure that borrowers have access to the lowest interest rates and the best repayment options. 750 million in the package is designated for the Federal Reserve's lending facilities. According to the Administration's estimates, borrowers could save over 1,000 in annual interest payments.
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