Student Loans News

President Joe Biden’s new plan to “cancel” up to $10,000 in student loan debt for those making less than $125,000 annually is at once a dereliction of constitutional duty, a crass political gambit in the lead-up to a contested midterm election, and a morally perverse value judgment that lavishes the regime’s insular, well-heeled voting base…

Since the pandemic started, the federal government has erased over $100 billion of student loan debt through a moratorium on loan repayments. President Joe Biden just extended that pause yet again—and added $10,000 to $20,000 per borrower in student loan cancellation along with limits on monthly repayments. This comes at a time when out-of-control inflation…

After announcing executive action to unilaterally and retroactively wipe away $300 billion in federal student debt, President Joe Biden looked over his shoulder to answer a question: Was this debt forgiveness fair to those who had sacrificed and saved to pay their way through college? Biden deflected. “Is it fair to people who, in fact,…

President Joe Biden announced Wednesday that he will launch a massive effort to “forgive” student loan debt for borrowers who still owe. This plan isn’t just a bailout for well-off college degree holders. It’s a slap in the face for hardworking Americans. It’s a slap in the face to the working-class father who dreamed of…

In unilaterally “canceling” up to $20,000 in student loan debt for borrowers earning less than $125,000 annually, the Biden administration on Wednesday put into motion a plan that will further inflate college costs, hinder economic growth, reward upper-income earners, and provide a major handout to woke institutions of higher education. The administration has stuck its…

An economics professor from Johns Hopkins University said during a Tuesday CNN appearance that President Joe Biden’s plan to forgive student loan debt would make the racial wealth gap wider and make inflation worse. “The issue is debt cancellation might reduce the racial wealth gap between two rich doctors, a rich black doctor and rich…

The Biden White House is reportedly considering “forgiving” $10,000 worth of student debt for some borrowers, a move that is likely illegal and definitely will increase inflation and force poor people to subsidize rich people. President Joe Biden is possibly considering subsidizing Americans earning less than $150,000 or $300,000 for married couples filing jointly—households in…

Instead of addressing the college debt crisis, the Biden administration has proposed new rules designed to punish for-profit colleges and stick taxpayers with billions of dollars in debt forgiveness. Taxpayers deserve accountability from the Department of Education, not carrots and sticks that interfere with a free marketplace for higher education. The rules, proposed last month,…

What’s $300 billion between friends? A new report from the Government Accountability Office details a breathtaking discrepancy between what the federal government claimed the student loan program would generate, and what it actually costs taxpayers. As GAO explains: “Although the Department of Education originally estimated federal Direct Loans made in the last 25 years would…

A letter from the Congressional Budget Office in response to an inquiry by a Republican congressman from Missouri confirms that the Biden administration’s executive actions will increase cost to federal taxpayers and fuel rising deficits. The response to Rep. Jason Smith from the CBO highlights three major actions taken by the Biden administration—on food stamps,…

Roughly 45 million Americans owe a combined total of $1.7 trillion in student loan debt. If that were distributed evenly among the borrowers, each would owe close to $38,000.  Over the past two years, the federal government has paused collection of student loan payments because of the COVID-19 pandemic. Now, some Americans contend the government…

Democrats are calling for more redistribution of wealth—this time for the benefit of their Ivy League-educated elites. The COVID-19 pandemic and continual government-imposed lockdowns upended our way of life. Many Americans found themselves unemployed or in financial trouble. Now, inflation is eating away at everyone’s wealth, making us all poorer. Large swaths of Americans are…

Student loan debt holders are getting another extension on their break from payments, but that doesn’t mean no one’s paying. American taxpayers are picking up the bill, amid news that inflation soared a shocking 8.5% compared to this time last year. The announcement from the U.S. Department of Education states that the pause on student…

The Biden administration will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges. The loans for almost 16,000 former students will be canceled under a legal provision, called the "borrower defense to repayment," which allows students to have their debts erased if they prove a for-profit…

Massachusetts Democratic Sen. Elizabeth Warren again called for former Vice President Joe Biden to cancel student debt when he takes office in January. Warren, who supported canceling nearly all student debt when she ran for president, said Tuesday that doing so was a “mandate” to Biden and Sen. Kamala Harris. “For me it is a…

Senate Minority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., are calling on the next administration to forgive $50,000 in student loan debt for every borrower through executive order, doing so, in Schumer’s words, “with the pen as opposed to legislation.” As higher education scholar Preston Cooper writes, “At a cost of roughly $1…

Americans should demand better from their universities. Recent riots and vandalism taking place across the country have caused many to scrutinize what students are being taught in colleges. That scrutiny has even reached the White House. President Donald Trump tweeted out a possible answer July 10 to the growing tensions and illiberal civic education in…

The battle over the Department of Education’s borrower defense to repayment rule, which governs student loan repayments when a student claims he has been defrauded by a university, has made its way to President Donald Trump’s desk. Congress this week utilized the Congressional Review Act to overturn the Trump administration’s rewrite of the Obama-era rule….

Editor's note: Here's some of what's on the minds of The Daily Signal's audience, straight out of the ol' inbox. Please don't neglect to write us at [email protected].—Ken McIntyre Dear Daily Signal: As one of the principal organizers of the defeat of Washington state’s “comprehensive sexual health education bill” in 2018, I am writing to…

Student loan debt keeps growing. There is a better solution than the ones politicians offer, which stick the taxpayer or the loan lenders with the whole bill. It’s called an “income share agreement.” Investors give money to a college, and the college then gives a free or partially free education to some students. When those…