President Joe Biden announced Friday that he would be canceling student loan debt for over 277,000 borrowers.
In total, $7.4 million will be canceled from borrowers in over 40 states, which brings the total amount of student loan cancellation to $153 billion, according to The Hill.
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The Biden administration announced Wednesday it will cancel $415 million in student debt for nearly 16,000 borrowers who claim they were misled by for-profit colleges.
The loans for almost 16,000 former students will be canceled under a legal provision called the borrower defense to repayment, which allows students to have their debts erased if they prove a for-profit school defrauded them, the Department of Education (DOE) said in a press release.
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It’s calculated that somewhere north of 45 million Americans have run up $1.73 trillion worth of college debt. The numbers may surprise a lot or a little, which is really not the point.
The main thing is that debt now measured in the trillions is in a sense a logical midpoint to the federal government’s unfortunate involvement in the financing of college education. “No one spends the money of others very carefully” is a truth as old as humanity (or money) is, and the trillions worth of federal student loan debt vivify this truth. We know this because the hangovers (literal and figurative) from time spent on campus continue to grow.
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