Just saw this article. Joe Biden has (somewhat) embraced some progressive positions, albeit not quite all the way there. He’s suggested lowering the Medicare eligible age to 60, and forgiving student debt in certain situations. It’s the latter that I’m wondering about:
The concept I’m announcing today will align my student debt relief proposal with my forward-looking college tuition proposal. Under this plan, I propose to forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for debt-holders earning up to $125,000, with appropriate phase-outs to avoid a cliff. The federal government would pay the monthly payment in lieu of the borrower until the forgivable portion of the loan was paid off. This benefit would also apply to individuals holding federal student loans for tuition from private HBCUs and MSIs.
HBCU stands for Historically Black Colleges and Universities, and MSI stands for Minority Serving Institutions.
I’m wondering if there is some legal reason why it might be impossible to extend this benefit to debtors who attended private colleges or universities. I guess one could argue that they voluntarily incurred greater debt as those institution generally cost more, but that seems like a fairly niggling objection. If it’s legal, it should apply to everyone with student debt, particularly given the fact that the folks who meet the income requirements and have greater student debt are not exactly benefitting from their more expensive educations. Extending it to everyone also avoids resentment on the part of the ineligible.
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