Quote
WASHINGTON — President Biden announced on Wednesday that he would cancel $10,000 in student loan debt for Americans earning less than $125,000 per year, capping months of anticipation over a campaign promise to provide economic relief to millions of people.
Biden to Cancel $10,000 in Student Loan Debt for Borrowers Earning Less Than $125,000

Why?

When I was young, I could not afford college. My single mother couldn't afford to send any of us kids to college. It cost too much.

When I was a little older, I looked into going to college myself and taking out loans to cover it. After hearing the repayment details, I decided that I would not take a chance on it. I didn't think I would be able to make the payments if I didn't get into the field I was seeking.

It was a choice on my part. It wasn't something that someone was forcing on me. I had a decision to take those loans and to take the chance that it would pay off - or not.

I decided not.

I don't understand why taxpayers should pay for the debt of others when those people could have chosen not to get into that risky situation in the first place.

Like other loans, we make decisions based on different circumstances, whether to take a loan for different things. I have had automobile loans. I get tired of having to repay them too. I also have a mortgage. Why can't I get the taxpayers to give me a break on my auto loan or mortgage and pay them back for me?

I fail to understand how an education loan should be any different than any other kind of loan.

BTW, even without college, I was able to make decisions, there we go again with that word - decisions - which have allowed me to work up to a 6 digit income and to be able to live comfortably (not rich by any means, but comfortable) - which I am thankful for.

Good doesn't always win!