Cancel Debt? – Really? – We do have laws that allow bankruptcy – but cancel student debt?
https://www.yahoo.com/…/student-debt-cancellation-already-a…

Debt is a burden – everyone knows this.
People who borrow money – to invest in education for themselves to provide an opportunity for a different life (lifestyle, career, or economic difference) should accept the consequence of borrowing. – You will have debt to repay.

There are different levels of borrowing – some people go to a BANK and borrow based on their credit levels. These are controlled by the lending institution – and have nothing to do with what the Democrats and Biden are discussing.

https://studentaid.gov/understand-aid/types/loans

Some get Federally backed loans – meaning an approved lending organization will lend based on the Federal government saying they would provide some backing. There is only one type of Federally backed loan they are talking about – which is the “Direct Subsidized” loan – which the Federal Govt made to individuals who have no other means of getting a loan. (Basically – Banks would not even consider them!)

These Direct Subsidized Loans are the loans the Federal Govt wants to get rid of. And there is one reason why: These loans are backed by the Fed – which means there is money tied up for these loans in case of default. If the loans are wiped out – that backup guarantee will not be requried – and the Fed can rebudget Billions for other programs.

Anyone who thinks the purpose is to help borrowers – that is just a side benefit of removing the loans from a line item on the Federal Budget.

Now some perspective.
I have a student loan – it is Federally backed but not subsidized. Thus, it is not being considered for cancellation (or reduction).

So tell me – another person I work with has a similar loan, went to the same school – but because they have a subsidized loan – they might have it cancelled or reduced?

Is this Fair? (Of course when have the 21st Century Democratic Party ever considered what was fair to everyone?)

Equality? Fair? – Rights?
When an apple is an apple – or an orange is an orange – equal actions should be taken. But determining that one apple is different because of some unrelated condition? – That is straight out of the “Prejudice 101” handbook.

I believe that if you borrow – you pay it back. No matter what you did with the funds borrowed!

If you can’t pay it back – then use present laws for bankruptcy.
(Note: present laws state that federally backed student loans cannot be dismissed through bankrupcty)

I’ve paid over $48,000 of my $88,000 in student loans. – I’ve paid every month for 11 years.
I get no tax deduction for student loan interest!

But, I earned a degree and I’m working.

Seems now I’ll be working harder to help pay for others!