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President Joe Biden pledges student debt relief ‘to as many as we can’
Another 125,000 borrowers will have their student loan debt erased, the Biden administration announced.
President Joe Biden’s latest executive order, which would forgive the first $10,000 in outstanding college loans, benefiting 150,000 borrowers, is unfair to those who paid their way. There are millions of American parents who saved and sacrificed to put their children through college. Many students worked at part-time jobs to attend college. Others worked full time during the day to afford attending undergraduate, graduate or law school classes at night. Some first attended less expensive community colleges and later transferred to four-year colleges.
Millions benefited from being able to attend college on student loans. This has given them access to the middle class. Despite being successfully employed for years at well-paying jobs, there are several hundred thousand former students with ample income who refuse to pay off their student loans. Taxpayers are left with billions of dollars in uncollected debts.
Colleges and universities that are tax-exempt have endowments worth over $800 billion. Why does Biden never ask them to contribute to reducing their own graduating students’ debt instead of taxpayers? Why not deny federal and state tax refunds to those deadbeats holding well-paying jobs who look for a free ride at our expense?
The White House and Congress can introduce appropriate legislation to assist in collecting these outstanding debts from those who can afford to pay.
Larry Penner
Great Neck, New York
