Student loan forgiveness is a ‘losing problem’
Bill Maher says student loan forgiveness is a “loser’s question.”
Here’s what you need to know.
Maher, comedian and political commentator who hosts Real time with Bill Maher on HBO, criticized the large-scale student loan forgiveness on his Friday show. According to Maher, large-scale student loan cancellation is a losing issue for several reasons, including:
- Only 13% of Americans have federal student loan debt;
- 65% of Americans have not attended college; and
- 50% of college debt is for people who have a college education, which is associated with higher income than college or high school.
“It looks like a loser’s question to the party trying to win back the working class… We who didn’t go to college and didn’t enjoy it, we’re going to subsidize you to get your college degree. gender and sports marketing…”, Maher mentioned. “I think it’s all about the loser.”
Student loan repayment: a divisive issue
Paul Begala, a guest on Maher’s show and President Bill Clinton’s political strategist during the 1992 presidential campaign, agreed. “We Democrats have a lab – two labs actually, secret labs – one in Berkeley and one in Brooklyn, where we come up with ideas to completely piss off the working class, and it works like a charm.” Rather than immediate student loan cancellation, Begala offered student loan cancellation in exchange for public service. Although Begala did not refer to the civil service loan forgiveness program, he did refer to two years of public service in exchange for student loan forgiveness. “[What] I would much rather see Democrats go back to their roots, which they deserve,” Begala said. “Why don’t we have a system where we say, ‘You want to get rid of your college debt? Serve your country – Marine Corps, Peace Corps, AmeriCorps. Not everyone can carry a gun, but you can frame one child and you should give two years of service (5 Reasons Biden Won’t Forgive Student Loans).
Student Loan Relief: Reasons to Forgive Student Loans
Despite Maher’s and Begala’s comments, congressional progressives are championing a push for large-scale student loan forgiveness. (5 Ways Biden Can Forgive Student Loans). For example, Senator Elizabeth Warren (D-MA) says large-scale student loan forgiveness will boost the economy, reduce disparities, and help borrowers get married, start families, buy homes, and save for retirement. President Joe Biden, who canceled $17 billion in student loans, backed $10,000 in student loan cancellations. However, Biden called on Congress, not the president, to cancel student debt. Biden also confirmed that he would not cancel $50,000 in student loans. After pressure from progressive Democrats, Biden now says he is considering executive action on large-scale student loan forgiveness and could decide within weeks. If Biden cancels student loans, it would be a big win for student borrowers. That said, student loan forgiveness could be limited if Biden imposes an income threshold or limits student loan relief to student loans, for example. (Here’s who might be eligible for student loan forgiveness). Another major issue will be whether temporary student loan relief will end on August 31, 2022. Canceling student loans may mean the end of student loan relief. If that happens, student borrowers will need to prepare to restart student loan payments starting September 1. Here are some ways to prepare for student loan repayment right now: