U.S. Secretary of Education EDUCATION LOAN Forgiveness … Isn’t Perfect, But Helps Out Millions
8/25/2022 12: 25 AM PT
President Biden‘s proceed to let an incredible number of Americans off the hook for education loan debt is obviously drawing some controversy — but an integral cabinet member says it’s more positive than not.
U.S. Secretary of Education Dr. Miguel Cardona joined us on “TMZ Live” directly on the heels of his boss’s big announcement — and broke down just what it opportinity for all Americans.
The White House
Because the Prez said — so when Secretary Cardona reiterates here — anyone who’s applied for a federal loan and makes significantly less than $125,000/year is qualified to receive at the very least $10,000 of forgiveness. If you have applied for a federal Pell Grant, you can receive yet another $10k discount.
Dr. Cardona tells us that compatible 43 million Americans who is able to get relief … and about 50 % of those might have their student debt destroyed entirely. This way they can can get on making use of their lives and lastly be out of an enormous hole that might’ve otherwise hindered their economic goals.
You can find surely many that are celebrating this news … and, yes, you can find countless those who have been stifled due to crippling, seemingly never-ending education loan debt.
The White House
However, critics are asking, “Think about those folks who’ve paid their debt already, or who didn’t undertake any debt in the first place?” There is also the premise of students with high-paying degrees, who’ll create a fortune later, having the ability to exploit this new system now.
Prez Biden addressed that Wednesday, and essentially it appears to boil right down to, tough luck. His Secretary of Education elaborates a little, though, telling us he understands the concern … but that move will probably help more folks in need than those that really aren’t.
It appears like a larger good argument, even though some might still take issue with it — Sec. Cardona is sticking with his guns with this … insisting the President did the proper thing.