College Loan Debt Removal

I’m not sure where I land on President Biden’s decision to eliminate college loans for anyone who currently has one and earns less than $125,000. While I’m happy for all those who benefit from this unexpected blessing, but I have to wonder if it is nothing more than a political move with mid-term elections and the run-up to the next presidential election cycle just around the corner. Your thoughts?

For starters, you might consider reading a brief summary of the plan, to understand what is being proposed (not decided). There is no proposal to. " … eliminate college loans," or even to eliminate college educational debt. Up to $10,000 debt would be canceled, or up to $20,000 for Pell-Grant recipients.

I think a root issue is the high cost of education, and I’m not just talking about college, I mean elementary, middle and high school too. Especially if you go the private route, tuitions have soared.

People are taking loans to go to these colleges and they can’t afford it. That makes people question whether a college degree is worth it. That’s something I think more young people are wondering these days, and that should make colleges think about their value propositions and affordability.