President Joe Biden’s recent student debt cancellation announcement elicited a diverse range of reactions– some congratulatory, others critical, and still others that seem unsure what to make of the unprecedented multi-billion-dollar effort.
Predictably, long-time education and civil rights advocates spoke to the need for additional reforms, while others wondered about cancellation’s impact on an already troubled economy. Families struggling with the rising cost of living and deepening student debt –have only a few months to make household budget adjustments before loan payments resume in January.
Another 27 million people from working class backgrounds who received Pell grants are assured of up to $20,000 in debt relief. “We’ve all heard of those schools luring students with a promise of big paychecks when they graduate only to watch these students be ripped off and left with mountains of debt,” statedon August 24. “Well, last week, the Department of Education fired a college accreditor that allowed colleges like ITT and Corinthian to defraud borrowers…Our goal is to shine a light on the worst actors so students can avoid these debt traps.
On August 30, following President Biden’s announcement, the Department of Education took action against another defunct for-profit:e. This trade school lured unsuspecting students into costly debt from January 1, 2002 through November 17, 2015 when it stopped enrolling new borrowers in advance of its 2016 closure. The Department found widespread misrepresentations about the value of its credentials for attendees’ and graduates’ employment prospects.
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