...But, cash giveaways only pay off someone else's debt - not a long-term solution...I still don't think it should be a cash giveaway. She would never in her life vote for Biden.
Today's student loan forgiveness is the result 2005 Bankruptcy Reform Act the Congress wrote, and GWBush signed, allows student loan forgiveness at 20 years of payments. It’s 2024, the law has been in effect for 19 years. The loans that are eligible for forgiveness are just now meeting the criteria for forgiveness.
The reasons why student loan forgiveness was written into the bankruptcy law is because the 2005 reform law made it impossible to ever roll student loans into bankruptcy – which many Boomers had done previously. This is another example of Boomer ladder-pulling.
Ol' Joe can be faulted for making the insinuation that he's forgiving loans, when in fact, he's simply enforcing a 2005 law.
