Biden’s Cancellation of Billions in Debt Won’t Solve the Larger Problem
Belatedly canceling some debt is what a country does when it refuses to support students up front.
For years, American lawmakers have chipped away at the fringes of reforming the student-loan system. They’ve flirted with it in doomed bills that would have reauthorized the Higher Education Act—which is typically renewed every five to 10 years but has not received an update since 2008. Meanwhile, the U.S. government’s student-debt portfolio has steadily grown to more than $1.5 trillion.
Today, calls for relief were answered when President Joe Biden announced that his administration would be canceling up to $10,000 in student loans for those with federal debt, and up to $20,000 for Pell Grant recipients. As long as a borrower makes less than $125,000
