The author of the January 2 letter “President Biden must say ‘no’” attributes President Joe Biden’s job performance rating to the student loan dilemma.
This problem started long before Biden’s presidency. But Biden is highly culpable because of the bankruptcy legislation he promoted as a U.S. senator in 1977 – legislation that removed bankruptcy law for student loans. When lenders saw no threat of bankruptcy, all sorts of evils ensued, including price gouging, hyperinflation, a 99% rejection rate for forgiveness programs, and many other abuses. Student loans have also fueled tuition hyperinflation more than any other sector, including health care.
It’s not the students’ fault. They have nothing to do with creating this loan scam. The letter’s author says “no one is forcing (borrowers) to make a decision,” but students and their parents are rarely told that the most basic consumer protections are gone. They are led like sheep to the slaughterhouse by their colleges. Shame on the writer of the letter for this low blow.
It’s not a “bad borrower” problem – it’s an unconstitutional, predatory government lending problem.
The letter writer might as well blame GOP lawmakers, who have occupied the U.S. House, Senate and Oval Office multiple times over the decades as this problem grew, but declined to lend a hand. ‘Stop.
Conservatives should call on lawmakers to join Republican U.S. Senators Josh Hawley and John Cornyn as co-sponsors and push S. 2598, the “FRESH START Through Bankruptcy Act.” It is a student loan bankruptcy bill that both returns limited bankruptcy protections to federal student loans and requires colleges to at least partially reimburse taxpayers for releases. This legislation is long overdue.