Student loan forgiveness misses the bigger problem | Opinion
FILE - With the Founders Library in the background, a young man reads on Howard University campus July 6, 2021, in Washington. For millions of Americans, President Joe Biden’s student loan cancellation offers a life-changing chance to escape the burden of debt. But for future generations of students, it doesn't fix the underlying reason for the crisis. President Joe Biden’s bid to forgive $10,000 to $20,000 of a student borrower’s debt has created quite a debate over fairness and equity.
Here’s what usually happens: Enrolling 18-year-olds are offered debt via their college’s online portal listing, in a single window, the student’s scholarships , grants and loans. To the right of each line item is an “Accept” or “Decline” button. In less than five seconds an 18-year-old can accept $10,000 or more in debt for that year. It’s booked by the university, and the student is on the hook from that point forward.
First, insist that all universities and colleges offering student debt provide mandatory, credited financial literacy training for all borrowers.
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