The Biden administration’s highly anticipated move to cancel outstanding student loan debt could make the current inflation crisis worse, former Treasury Secretary Larry Summers warns. A frequent critic of President Joe Biden’s handling of inflation, Summers renewed his warning on Monday as the federal government is expected to make a decision on student loan debt…
Student Loan Debt Relief Makes Inflation Worse: Former Treasury Secretary
New Survey Shows Student Loans Have Delayed Wealth-Building for Gen Z and Millennial Borrowers
By Hanneh Bareham From Bankrate.com Roughly 60 percent of U.S. adults who have held student loan debt have put off making important financial decisions due to that debt, according to a new Bankrate survey. For Gen Z and millennial borrowers alone, that number rises to 70 percent. Student loans have prevented these borrowers from saving…
Students Must Take Responsibility for Their Debt
Commentary Lending money is not, as they say, rocket science. According to the Federal Reserve Bank of St. Louis, in the last quarter of 2021, of the total of all outstanding business loans from all commercial banks, 1.08 percent were delinquent. Per the Federal Reserve Bank of New York, as of second quarter 2021, a…
Canceling Student Loan Debt Would Make College More Expensive
Commentary It might be the biggest giveaway in American history. President Joe Biden wants to cancel more than $1 trillion of outstanding student loan debt. Biden has already delayed for more than a year student loan repayment, and under his new rules, most delinquent and deadbeat borrowers would NEVER have to repay. What a deal…
Biden’s Student Loan Cancellation to ‘Make Inflation Worse’: Stephen Moore
April 30, 2022
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President Joe Biden recently indicated that he would seriously consider student loan forgiveness. But according to former White House economic adviser Stephen Moore, this gesture is not only bad politics but “worse economics” and would make the record-high inflation even worse. “It’s not forgiveness … It’s shifting the burden from the people who borrowed the…
Larry Summers Slams Student Loan Debt Relief, Warns of Recession
Student loan debt relief is a regressive policy that mostly benefits high-income households, says former U.S. Treasury Secretary Larry Summers. In a series of tweets, the former director of the National Economic Council (NEC) in the Obama administration stated that “all serious economists” agree that debt reduction is “regressive.” “Key point. You need to look…
Biden Admin Cancels $55.6 Million in Student Loan Debt
The Biden administration announced Friday it is canceling about $55.6 million in student loan debt for 1,800 people who attended three institutions that the Department of Education found had defrauded them. The eligible borrowers, who attended Westwood College, Marinello Schools of Beauty, and the Court Reporting Institute, will receive 100 percent loan discharges amounting to about $55.6 million in…
The Road Less Traveled
My journey in higher education has taken me from community college dropout to assistant professor, making headlines after I paid off what would now amount to more than $200,000 in student debt after questioning whether academics would even factor into my path in life. Reflecting on what began almost 20 years ago, it’s hard for…
Biden Admin Rescinds Trump Policy, Cancels $1 Billion in Federal Student Loan Debt
The U.S. Department of Education said it has scrapped a Trump-era policy in order to fully erase federal student loan debt for borrowers who claim they didn’t receive the kind of college education they were promised. The change, according to the newly-confirmed Education Secretary Miguel Cardona, is expected to ultimately help approximately 72,000 borrowers receive…
NTD Evening News Full Broadcast (Feb. 4)
Former President Donald Trump rejects a request to testify in his Senate impeachment trial, Biden outlines his plans for U.S. foreign policy, and the Senate majority leader and other Democrats renew their call to cancel student loan debt.
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