Biden must cancel all student loan debt, including for those with graduate degrees.

Biden must cancel all student loan debt, including for those with graduate degrees.

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Debt forgiveness

The only way to truly get rid of student loan debt is for the government to forgive all of them.If they do not forgive them, then students are still going to have to pay back their loans (which, let’s face it, can take decades). While President Obama has been pushing for a debt-free college education since he was running for president, Congress has ignored him. To make matters worse, some people who earn higher incomes than others receive fewer interest rate reductions than those with lower incomes. So, while someone making $50,000 per year may get a 5% reduction in their interest rates, someone making $100,000 per year will only get 2%. This means that the rich are getting richer off of the backs of the poor! I believe that everyone should have access to a debt-free college education regardless of income, race, gender, or anything else. We need to stop rewarding the wealthy and start rewarding hard workers who go above and beyond just to achieve success.

Free tuition

This is another issue that many politicians don’t want to talk about, but we need to put our foot down and demand that colleges provide free tuition to anyone who wants it. Many students struggle to afford college tuition, especially at private institutions. Even though these schools offer scholarships and grants, it isn’t enough for most people. When a school offers free tuition, that means they’re willing to lose money instead of actually being profitable. Students would be able to focus on school without having to worry about paying for classes, which would allow professors to teach more effectively. This would ensure that students learn more, improve grades, and increase retention rates.

Tax Break for Tuition

Another way to help reduce costs is to expand the amount of money provided to families to offset the cost of tuition. Currently, families who make under $75,000 annually are eligible for a maximum of $10,500 towards tuition expenses each year. That’s barely half of what most parents spend on rent alone. As a result, fewer families qualify for financial aid, which makes it harder for them to pursue higher education. Giving families additional financial assistance would create competition between universities and drive prices down. In addition, we could implement a system where every child receives a certain amount of money toward tuition, much like how we currently provide childcare subsidies.

The college affordability index

I think that this idea is really great because it would give students real-time information regarding how affordable different schools are. This would mean that prospective students could weigh out whether or not they were getting the best deal possible. Right now, college is seen as something that is expensive and inaccessible. However, even though it may seem like a lot of money, the average price of attending a public university is only around $8,000, which is a fraction of the median household income. A lot of people assume that universities charge exorbitant amounts of tuition simply because they want to make money. But, if we had a rating system similar to the Consumer Reports rating system, we could know exactly how good of a value a particular institution is before we attended. This would force schools to compete for students while also ensuring that they provide the best value for money.

Make community colleges free.

Community colleges are often overlooked by people who are looking for higher education options. Not only do they offer a wide variety of majors, but they also provide a convenient option for people who are trying to enter the workforce after high school. Unfortunately, many people cannot afford to attend a four-year school, so they opt for a two-year program instead. Community colleges often have low admission standards and accept transfer credits, meaning that it’s easier for people to get a degree at these schools than it is at four-year schools. This creates a vicious cycle because once people graduate from community college, they find that there aren’t many jobs for them and end up dropping out. This means that they couldn’t complete their associate’s degree, and therefore, they couldn’t move forward in their career. If we gave community colleges additional funding and allowed them to operate at a loss, we could attract more people to this type of schooling and hopefully bring down tuition costs over time.

Since schools are constantly raising tuition costs, they’re turning away qualified applicants. One solution to this problem is for schools to purchase land outside of urban centers. By doing this, they could build dormitories, sports facilities, and classrooms that are much cheaper to construct than the ones they currently have access to.

We eliminate interest rates.

Currently, the federal government charges banks 3% interest when they lend money to the government. This results in a net gain of $1.2 trillion a year. If the government weren’t charging interest, then it would be able to allocate that money elsewhere. For example, it could lend money directly to businesses or individuals who are struggling to obtain financing, or it could invest that money in infrastructure projects.

Biden must cancel all student loan debt, including for those with graduate degrees.

Biden Must Cancel Student Loan Debt

In order to truly improve our education system, we must first make sure that students have access to quality higher education without having to worry about paying back their loans. Students currently pay over $40 billion in federal student loan payments each year, yet President Trump continues to refuse to offer relief to borrowers struggling under the weight of enormous student loan debts. In fact, he’s proposed plans that would actually make things worse. His plan to eliminate interest on student loans will lead to even longer repayment terms for existing borrowers.

No More Graduate School Loans

We need to make sure that there aren’t any more predatory graduate school loans that saddle students with tens of thousands of dollars in loans. That’s why I strongly oppose the proposal to create a massive new private-sector loan program focused specifically on graduate students. This will only make matters worse, as it won’t provide any help to people who already owe money on these loans.

Protecting Public Universities

The cost of higher education is skyrocketing across America, and public universities are being squeezed between the rising cost of tuition and declining government funding. We must continue to make sure that public universities remain accessible and affordable for all Americans. My administration will work with Congress to ensure that they are protected and able to continue providing high-quality and low-cost education.

Ending Federal Aid to College

When my brother was attending college in the 1990s, he had to pay out-of-pocket for almost half of his education. Today, many families find themselves stuck with tens of thousands of dollars in student loan debt even after graduation. The current system is unsustainable, especially given how expensive higher education has become. I believe that if we want to give American students the opportunity to pursue higher education, then we should end federal aid for colleges altogether.

Private Universities: Eliminating Tuition And Fees

It is unacceptable that students at private schools are still charged exorbitant amounts of fees while simultaneously receiving taxpayer-funded scholarships and grants. These universities are not public institutions, and that means they don’t have to follow the same rules. There is no justification for charging students hundreds of dollars per credit hour. As president, I will fight against this practice and ensure that students at private universities do not have to foot the bill for their own education.

Making Higher Education Free At All Levels Of Attendance

Higher education should be free for everyone who wants to go. Not only does this benefit society as a whole, but it also helps level the playing field for students from poor families who cannot afford to attend college. Currently, states like Tennessee charge tuition at community colleges but limit residents of neighboring states to free tuition. This creates a major financial barrier for some students, and I will fight to change this situation.

Paying For Public Schools

I am committed to ensuring that all children receive a great education, regardless of where they live. Unfortunately, many parents today struggle to cover basic expenses for their kids’ education. This is especially true for lower-income families who rely on the public school system to educate their children. I have heard countless stories from parents who cannot afford to send their children to preschool, buy them nutritious food, or cover basic necessities. Let’s do what we can to help ease this burden and ensure that every family has the chance to succeed.

Biden’s debt relief proposal would not affect people with undergraduate degrees.

The plan does not mention any sort of student loan forgiveness program at all; it only mentions eliminating the interest payments that borrowers currently pay while they’re repaying their loans. When first proposed, it was estimated that a full-time worker earning $50,000 per year and paying 10 percent of her income toward debt repayment could pay off $20,000 worth of debt after 20 years without forgiving anything. But in practice, not everyone who graduates from college winds up getting a job in their field right away—some have trouble landing jobs right out of school, or find themselves saddled with long-term debt that makes it hard to ever get ahead financially. And, even if someone does land a good job right out of school, there’s no way to know what kind of salary they’ll make until they actually start working.

A majority of university students don’t earn enough money to afford tuition.

A lot of people think that once you graduate from college, you automatically become rich. In reality, however, many recent grads struggle to pay for rent, healthcare costs, and other necessities just to put food on the table. One study found that 43 percent of all bachelor’s degree recipients in 2015 were forced to take on significant levels of student loan debt. If current trends continue, by 2025 almost half of all bachelor’s degree holders will owe some sort of student loan debt.

Student loan debt is increasing faster than any other type of consumer debt.

After going down for a few years following the financial crisis, student loan debt rose substantially again beginning in 2011. By 2016, total outstanding student loan debt had reached nearly $1.3 trillion. That was more than triple the amount owed in 2006, and higher than credit card debt, auto loan debt, or home mortgage debt.

Many students still default on their student loans.

Nearly 8 million student loan borrowers have fallen behind on their repayments, totaling more than $125 billion in unpaid principal and interest. While the percentage of outstanding student loan balances that are considered delinquent (meaning payments are 30 days or more past due) is relatively low, around 5.8 percent, defaults are much higher than the rate of delinquency, around 22.9 percent. These numbers suggest that there are still plenty of borrowers who aren’t making timely payments.

Student loan companies profit off student debt.

Student loan servicers are businesses that manage private student loans and are legally allowed to charge high fees and interest rates. Sallie Mae, for example, charges 12.25 percent for over-the-counter federal direct loans versus 6.31 percent for its closed-end fund offering.So even though the government subsidizes student loans, they make a profit off of them.

The average student loan borrower owes $37,172.

According to the nonprofit Project on Government Oversight, the average amount of student loan debt held by individual borrowers nationwide is now $37,172. Worse, 44 percent of student loan borrowers have debts in excess of $54,650.

Student loan debt causes a variety of problems for millions of Americans.

People who take on huge amounts of debt run the risk of being unable to buy homes or cars, start a family, save for retirement, or take care of sick relatives. Student loan debt often creates a vicious cycle where poor spending decisions lead to lower wages, which means less disposable income to service debts.

Biden must cancel all student loan debt, including for those with graduate degrees.

Joe Biden was born Joseph Robinette Biden Jr. on Nov. 20, 1942, in Scranton, Pennsylvania. He grew up on the Southside of the city and graduated from the local Central High School before attending college at the University of Delaware. After graduating, he attended law school at Syracuse and earned his Juris Doctorate degree in 1968. Upon graduation, he worked for a year as a lawyer for the Department of Justice and then became a member of the House Judiciary Committee in 1969. In 1970, he ran for Congress and won election that same year. He won election twice and in 1972 was elected vice president under President Jimmy Carter. He was elected once again in 1980 and chose not to run for a third term.

We need to make sure that people facing financial difficulty aren’t forced into taking out loans they simply cannot afford.

If students don’t finish school, they shouldn’t have to carry the burden of paying off loans they’d never use.

Biden’s plan would help millions of young Americans start businesses, create jobs, and lift them out of poverty.

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