Student Debt

On Education, Biden Is Making Sure ‘Nothing Will Fundamentally Change’

May 7, 2021 Nora De La Cour, Jacobin Magazine. Educate! Education, Joe Biden, Student Debt, Testing

When it comes to education policy, Joe Biden is following through on his promise that nothing will fundamentally change. While he expressed support for some progressive measures on the campaign trail, like ending the high-stakes testing mandate for K-12 and giving relief to higher education students and borrowers, his actions so far have led some to surmise that corporatists and reformers are running the show at the Department of Education. Secretary Miguel Cardona has taken a prolonged “Help is Here” tour, but urgent demands from students, parents, and teachers are going unmet. Here’s a breakdown of the administration’s handling of key education issues so far.

Biden To Review Executive Authority To Cancel Student Debt

April 3, 2021 Lauren Egan, NBC News. Educate! Department of Education, Joe Biden, Student Debt, Student Loans

Washington, DC - President Joe Biden has asked Education Secretary Miguel Cardona to prepare a memo about his legal authority to cancel student debt, chief of staff Ron Klain said Thursday, as pressure grows for the administration to address the student loan crisis crippling millions of Americans. Klain said in an interview with Politico that Biden will decide how to proceed once he reviews the memo, which could be sent to his desk in the next few weeks. "He'll look at that legal authority, he'll look at the policy issues around that, and then he'll make a decision," Klain said. "He hasn't made a decision on that either way. In fact, he hasn't yet gotten the memos that he needs to start to focus on that decision."

This Is Why It Is Imperative That President Biden, Not Congress, Cancels Student Debt

March 1, 2021 Margaret Flowers, Clearing the FOG. Podcast Debt, Executive Order, Joe Biden, Student Debt

The current student debt burden is over $2 trillion and it is crushing the economy. Defaults on student loans are high and for most borrowers, especially those who are people of color, their loan balances are rising instead of falling. Clearing the FOG speaks with Alan Collinge of Student Loan Justice about the impacts of the student loan burden and how to resolve this crisis. He makes a critical point about why it is President Biden, as he promised on the campaign trail, and not Congress, who cancels student debt and why that would be a powerful way to stimulate the economy.

Biden’s First Month Marked By Broken Promises

February 20, 2021 Alan Macleod, Mintpress News. Educate! Joe Biden, Minimum Wage, Student Debt, Yemen

One month into his presidential career and Joe Biden has already left a trail of broken promises on progressive legislation. Yesterday, it was reported that the president held a closed-door meeting with a group of mayors and governors. At the first sign of pushback from Republicans in the room, he immediately dropped his support for the $15 minimum wage on the basis that he needed bipartisan support to pass it. Given that Democrats control the House, Senate, and the White House, this position seems surprising. “I really want this in there but it just doesn’t look like we can do it because of reconciliation,” the 78-year-old Delawarean said, according to those present. “Right now, we have to prepare for this not making it,” he added. As Politico noted, there was no further negotiation on the minimum wage after that; the topic was simply dropped.

Report: Young People In The United States Are Overrun With Student Debt

February 20, 2021 The Jain Family Institute. Educate! Debt, Education, Student Debt, Youth

Young Americans are overrun with student debt. This crisis is the culmination of waning government funding for higher education, wage stagnation, wealth inequality, and a misleading emphasis on obtaining high credentials—all leading to the financial gap between college prices and later earnings. In 2020, aggregate balances reached $1.66 trillion in 2019 dollars, 122% higher in real dollars than in 2010. Not surprisingly, the number of borrowers, the amount they owe, and the number of loans each borrower acquires, have all increased over the time period. In 2019, 18-35 year-olds with student loan debt owed nearly $35,000 on average compared to just over $28,000 (USD 2019) in 2009. Back in 2009 there were only 32 million federal borrowers; in 2019, that number swelled to 43 million.

Debt In The Time Of Pandemic

February 17, 2021 Edna Bonhomme, Al Jazeera. Educate! Biden administration, Debt Forgiveness, Recession, Student Debt

On New Year’s Day, I received an email from Navient, a student loan servicing company, requesting that I pay $4,442 by January 28. Initially, all I could feel was shame for being in so much debt. But soon, my feelings of shame transformed into anger – how could they request such a big payment, in such a short time period, amid a global pandemic that left so many young people like me unemployed or underemployed, struggling to keep a roof over their heads and put food on their tables? Indeed, I am hardly the only person with an American education worrying about student loan repayments in the middle of the most serious public health crisis the world has faced in decades.

People In Debt Have Formed A Union To Fight Back

January 5, 2021 Eve Ottenberg, Truthout. Resist! Debt, Joe Biden, Medical Debt, Student Debt

In November, Pennsylvania permitted the resumption of utility shutoffs during the pandemic. In advance, the local Debt Collective, which helps people dispute their debts and fight back against predatory fees, protested. The group helped organize a gathering of between 20 and 30 protesters in Philadelphia to demand the moratorium continue. “We are tired of this,” Pennsylvania Debt Collective organizer Lauren Horner told CBS. “We are tired of the greed displayed by these organizations.” Horner was referring to the Philadelphia Gas Works, the PECO Energy Company, and to what some in the Debt Collective regard as the negligence of the Public Utility Commission.

Columbia University Students Are Preparing To Launch A Tuition Strike

December 10, 2020 Indigo Olivier, In These Times. Resist! Higher Education, Student Debt, Student Strike, Tuition

At the end of November, members of the Columbia University-Barnard College chapter of Young Democratic Socialists of America (YDSA) launched a tuition strike campaign against “exorbitant tuition rates” which, they say, “constitute a significant source of financial hardship” during the pandemic. Student demands are wide-ranging and include a 10% reduction in the cost of attendance, 10% increase in financial aid, and an amalgamation of demands from disparate student campaigns, many of which were set in motion long before the pandemic began.

Over 235 Organizations Call On Biden To Cancel Student Debt

November 19, 2020 Americans for Financial Reform. Resist! COVID-19, Executive Order, Joe Biden, Student Debt

Washington, D.C. — Over 235 organizations sent a letter to President-Elect Biden and Vice President-Elect Harris, calling on them to use executive authority to cancel federal student debt on day one of their administration. In the letter, 238 nonprofit and community organizations highlight that cancelling student debt would stimulate the economy, help reduce the racial wealth gap, and could have a positive impact on health outcomes. The groups write that “executive action is one of the few available tools that could immediately provide a boost to upwards of 44 million borrowers and the economy...

Trump’s Executive Orders Are Public Relations Stunts

August 10, 2020 Jack Rasmus, Predicting the Global Economic Crisis. Educate! Donald Trump, Economic collapse, Evictions, Finance and the Economy, Medicare, Social Security, Student Debt

Trump, Meadows, Mnuchin and McConnell cleverly set up and sucked in Pelosi and Shumer into negotiations last week, never planning to conclude a deal by Friday, in the process getting them to reveal their priority demands and securing from them major concessions worth $1 trillion—for which the Democrat leaders apparently got nothing in return. A day later, Trump dropped the hammer and issued his EOs, which are designed more as PR for his election campaign. They certainly won’t provide anything remotely necessary as fiscal stimulus to confront the US economy’s emerging fading rebound in recent weeks. Upon close inspection the EOs are therefore mostly smoke and mirrors, designed to produce useful electoral soundbites for his campaign between now and November. The EOs are more PR for public relations purposes, while also serving as FUs (F*** You) to the Democrats.

Government Spends Equivalent Of Entire US Student Debt To Rally Stock Market For 15 Minutes

March 16, 2020 By Alan Macleod, Mintpressnews.com Educate! Government, Stock Market, Student Debt

The money spent was equal to the total amount of US student debt, more than twice as much as the Wall Street bailout of 2008 and nearly 30 times the net worth of former New York mayor Michael Bloomberg, the richest man to ever run for president. With financial markets in a state of near panic over an incoming COVID-19 pandemic...

Study Shows 39% Of Millennials Would Prefer To Spend A Week In Jail If Their Student Debt Was Wiped Clean

February 17, 2020 Staff, Gritdaily.com Educate! Millennials, Student Debt

“We want to give you a better life than the one we had.” This is a phrase many millennials have heard at some point during their life from their parents, especially with respect to today’s average debt. Yet, both the millennial and post-millennial generations (Generation Z) are on track to becoming the most educated yet, with one major problem—they both face a major student loan debt catastrophe.

Student Loan Debt: Unsafe In Any Amount

December 8, 2019 Lynn Petrovich, Popular Resistance. Educate! Education, Finance and the Economy, Student Debt, Youth

If Americans were aware of the extent that student loan debt has been carved out to serve the pockets of the educational and financial industries as well as the government, they’d think twice before considering higher education. Beginning in the 1970s and over the next 4 decades, in bi-partisan administrations, student loan debt has been stripped of most consumer protections including, but not limited to, Truth in Lending, Statute of Limitations (federal), Fair Debt Collection practices, and bankruptcy (debtors can file and have their debt extinguished in bankruptcy only under the most dire of circumstances). Recently this fact was laid out when a top official of the Department of Education (DOE), A Wayne Johnson, quit in order to push an agenda to cancel much of the country’s student debt. In reference to his two years at the DOE, Mr. Johnson said “[You’re] not going to fix something broken at its core.”

Cancel All The Student Debt: It’s About Economic And Racial Justice

October 16, 2019 Naomi Zewde and Darrick Hamilton, Rewire.news Create! Economic Justice, Education, Racial Justice, Student Debt

Only full cancellation completely protects the vulnerabilities of Black students and students in general, while at the same time establishing higher education as a universal right and offering restitution to all those who have had to rely on debt finance. You might feel desensitized to the swelling student-debt figures, but guess who’s not? Graduates—who are paying an average of $400 a month for approximately forever. There are two major proposals from Democratic presidential candidates on this problem. One gets rid of it all, canceling the whole student-debt balance nationally.

Reparations And The Student Debt Wars

August 7, 2019 By John O'Kane, Counterpunch.org Strategize! Higher Education, Reparations, Student Debt

The public college and university system in California was tuition-free during the sixties and into the seventies when the baby boomers were attending college in record numbers. Favorable budgets helped stoke the demand and new campuses were built to accommodate this explosion, propelled by an inclusive ethos special to this left-liberal era where a different breed of Democrats governed. This trend, also evident nationwide, revived the spirit of the free school movement popular in the early 19th century that encouraged the creation of literate citizens for a more vital democracy.

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