Letter to the Editor: The Biden administration’s student loan forgiveness is a scam | SummitDaily.com

Letter to the Editor: The Biden administration’s student loan forgiveness is a scam

Ken Gansmann

The current administration has offered $10,000 student loan payment forgiveness for those persons making less than $125,000 per year. This loan payment forgiveness number increases to $20,000 for those who work in government. Never mind that President Joe Biden does not have the authority for this.

I just read an article by Veronique de Rugy, senior research fellow at George Washington University focused on the U.S. economy, homeland security, and taxation. Here are some startling statistics from her article.

Only 37% of Americans have a four-year college degree, 13% have graduate degrees and 3% have Ph.D.s. Yet, 56% of the student loan debt is held by people who went to graduate school, and 20% is owed by the 3% with Ph.D.s. This means about 76% of the entire student loan debt is held by these graduate school and Ph.D.s., who are probably making good money and handing their loan debt to those of us — who never went to college or paid our own way — pay for it. Talk about taking care of our privileged and rich class people! How does this make you feel? Are you as ticked-off as me?

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