- Biden makes NO mention of returning bankruptcy protections to student loans. This, despite the fact that he said he endorsed Warren’s bankruptcy platform. Biden needs to pledge that as president, and on DAY ONE, he will order the Department of Education and its contractors (like ECMC) to stop opposing student loan borrowers in bankruptcy court. If he does not do this (at the minimum) he deserves no support from student loan borrowers.
- Tuition is only one piece of the cost of college
- Public colleges only account for about one-third of all colleges.
- This is only for undergrad.
Extremely disappointing. Only by returning bankruptcy protections (as the Founders called for ahead of the power to raise an army and declare war) will rationalize the price of college for future generations. Short of cancelling all student loans (which frankly needs to happen at this point), bankruptcy is the only way to fairly cancel loans.
The student loan system in this country is FAILED. Nothing Biden is proposing will change that. At this point- particularly in the current crisis- the President should order the Department of Education to cancel all federally held loans, and return bankruptcy protections to those which remain. This would not require one dime of congressional tax appropriation. Nor would it add one PENNY to the national debt.
The time for band-aids like Biden is proposing is past. It is a FAILED lending system. Time to push the reset button, and put something in place that doesn’t wreck the borrowers, hyperinflate the price of college, or put the government in the position of being vulnerable to corruption and prone to mismanagement, such as what happened under the current, FAILED system.
The citizens will throw the lending system off their backs. It is already happening, in fact.
If you agree, please consider signing and promoting this petition. It has 200,000 signatures to date.
