Student loans … a very hot topic which became very controversial since its first introduction in August 2022 when the Biden administration introduced $10,000 cancellation for students and $20,000 for those with Pell grants. The amounts distributed are for those making under $125,000 and this is not enough to tackle the real problem regarding student loans.
Full cancellation in its entirety and the return of bankruptcy should be the biggest moves our leadership should be pursuing. The constitution calls for uniform bankruptcy ahead of the power to declare war. Amendments 13 and 14 both abolish the idea of indentured servitude and call for uniform bankruptcy rights. These were uniquely stripped from student loans and it is an unconscionable decision made by several hands in politics.
This is how much debt is held by Utah alone and this is all federally held student loans. This is beyond absurd. Mitt Romney, our governor Mr. Cox and finally our other senator Mike Lee all oppose student loan cancellation. My major question is why?
More than half of borrowers are either Republican or Independent and red states hold more student debt than any other. Take a look at Texas! It holds well past $140 BILLION in student loan debt, which far exceeds the state budget. Utah is not far behind in its crisis alone. It is close to $12 billion in student loan debt.
Here is the thing: first student debt cancellation will NOT affect the treasury, nor will it cost taxpayers a penny. It won't even add a penny to the national debt. Here is why. Student borrowers have more than paid for their loans, but the compound interest is defying the odds of them being able to scratch or put a dent in their predatory debt.
PPP loans on the other hand DID cost taxpayers money; they added to the deficit, and they took from the treasury and there were no consequences held against those who used and abused these funds.
Why, then, is student debt a guaranteed punishment for the poor? Why are students punished for pursuing an education that should not only be tuition free, but also should not burden students with a usurious debt? This makes no sense; it is a failed, big government, catastrophe of a scam.
This has to end now or there will be more defaults and delinquencies and suicides on a mass scale that we've never seen before. One out of five people hold student loans; one out of four contemplate suicide. This is a tragedy that has to stop. This Orwellian, big government overreach of power to consumers is beyond absurd. Listen to the borrowers, not the GOP.
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