Biden plan would forgive only 17%
By Guy Page
Vermonters currently hold $2.9 billion in student debt, Sen Bernie Sanders said yesterday.
President Biden’s plan, if implemented, would eliminate about 17% of that debt, according to statistics provided by Sanders. Individuals who earn $125,000 or less (or $250,000/household) are eligible, according to studentaid.gov. Sanders urged qualified Vermonters to enroll in the program immediately.
“Vermont, which continues to rank as one of the most educated states in the country, has approximately 77,000 borrowers who hold about $2.9 billion in student loan debt with an average debt load of about $37,000,” Sanders said. Sanders does not cite a source for his figures. “Under the Biden administration’s plan, more than $500 million in student debt would be cancelled for Vermonters and the number of borrowers in Vermont who owe student debt would drop by 45%.”
Sanders, chair of the Senate Finance Committee, said he wants to make public colleges and universities tuition-free. In yesterday’s statement, he did not say how the free schooling would be funded, or whether Congress needs to endorse the program, or what impact the drastic decline in federal loan payments would have on ObamaCare health insurance subsidies.
As noted yesterday by Libertarian House candidate Ericka Redic, billions of dollars of interest received from the federal loans are reinvested as subsidies for federal health care insurance.
Worked hard, risked much for her education – Vermonters took to social media to opine about the federal student loan forgiveness plan. One of the more distinctive comments came from former Mendon Rep. Job Tate, who is a Navy Seabee. Seen in the photo above with a comrade named Cole, he Tweeted: “Cole sacrificed so much to raise her hand, defend her nation and risk life and limb to get the GI Bill, covering 50% of her tuition while she covered the rest with her overseas earnings. While millions stayed home tweeting about their debt grievances from Starbucks.”