Commentary
No sooner had President Joe Biden announced his plan for student loan debt forgiveness—$10,000 for non-Pell grant recipients and $20,000 for Pell Grant recipients—the president of the National Association for the Advancement of Colored People (NAACP) was complaining that it should be more than twice as much. At least $50,000.
Brookings Institution scholar Andre M. Perry echoed the sentiment.
The plan, according to Perry, “does not go far enough in addressing the root of the problem: a postsecondary education system that has seen tuition rise three-fold in the last 30 years. That same system will put future borrowers in peril.”
We have a problem here known popularly as the chicken and the egg….