By Steve Rosen
My position on President Joe Biden’s plan to wipe the slate clean for borrowers on billions of dollars in federal student loan debt: I don’t like it.
I understand why there are many arguments in support of the White House plan. But, like many readers, I feel it’s a slap in the face to those who graduated college with debt but made the payments like clockwork—even when it hurt—to forge a successful outcome. They stuck to their commitment to repay the money.
Now they’re being told to cover the debt of more than 20 million who can’t. At least the president’s plan includes a new repayment program that would lower student debt repayments in the future, with monthly payments capped at no more than 5 percent of a borrower’s discretionary income, down from 10 percent in existing income-driven programs….