Democrats Push For Student Debt Forgiveness, Would Cost Taxpayers Millions
Senate Majority Leader Chuck Schumer spoke at a news conference on Capitol Hill in Washington on Thursday, Feb. 4, 2021, about plans to reintroduce a resolution to call on Joe Biden to take executive action to cancel up to $50 thousand in debt for federal student loan borrowers. (AP Photo/Andrew Harnik)
Senate Majority Leader Chuck Schumer (D-N.Y.), Sen. Elizabeth Warren (D-Mass.) and other Democrats on Capitol Hill have proposed legislation aimed at cancelling up to $50,000 in individual student loan debt.
The Biden administration has also planned to cancel student loan debt at a much smaller amount, which is closer to $10,000.
“The president has and continues to support cancelling $10,000 of student loan debt per person as a response to the COVID crisis,” stated White House press secretary Jen Psaki.
The main motivation behind the relief push is a direct response to economic hardship resulting from the coronavirus pandemic. House and Senate Democrats are now pressuring Biden to put a full $50,000 loan forgiveness through with an executive order.
While many are praising the idea of student debt forgiveness at this level, the proposition certainly comes with some caveats.
Concerns have been raised multiple times over whether or not the blanket of student loan forgiveness would just be a bailout for America’s richest group: college graduates. In fact, according to a Brookings Institute study, 58 percent of all student loans are owed by people in the top 40 percent of income earners.
Sen. Elizabeth Warren and Senate Majority Leader Chuck Schumer spoke at a news conference on Capitol Hill in Washington on Thursday, Feb. 4, 2021, about plans to reintroduce a resolution to call on Biden to take executive action to cancel up to $50 thousand in debt for federal student loan borrowers. (AP Photo/Andrew Harnik)
This effort to erase a goal of $1 trillion from the roughly $1.7 trillion in outstanding student loan debt would be a $1 trillion economic relief bill for 45 million student loan borrowers. All the while, roughly 200 million adult American taxpayers would be forced to pick up the tab on their yearly taxes. This would include some who have already paid off their student loans without government assistance.
Regardless, there is still significant disagreement among Democrats pushing this legislation. For instance, Schumer and Warren want to target the forgiveness with income limits and Sen. Bernie Sanders (D-Vt.) wants to eliminate all student debt regardless of income.
In their press conference on Thursday, Schumer and Warren showed they weren’t entirely sure how much this would all cost.
“We do have an estimation, it’s about $1 trillion,” Schumer stated. “No, no, no, it’s about $650 billion.”
The Biden White House is considering forgiving federal student loan debt, which would only account for 30 percent of the total student loan debt nationwide. Questions surround whether or not this would just be a one time forgiveness of loans or if it would forever eliminate repayments on federal student loans.
There has been no talk yet about addressing the sharp rise in college tuition over the last 20 years, which has seen tuition rates across the board raise by nearly 200 percent. For years, experts have suggested large universities with million and billion dollar nontaxable endowments might better contribute to the student debt crisis by paying some of that money towards the financial well-being of their students and alumni.
Regardless, the student debt crisis is a complicated issue with many moving parts. Instant loan forgiveness by itself may not be enough to end the crisis for good and may cost the taxpayer far more than they really want.
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THE AKAN Copied from the book, Reality as Myth by Onyeji Nnaji . The influence of the Akan on their content nations lies on their population and commonwealth of their brother nations. The Akan are one of the largest ethnic groups in West Africa. Their population is scattered across West Africa and beyond. Among this huge population of the Akan, the Ghanaians are more popular, perhaps because of the political influence of the Ashanti Empire in the area. Not much is heard or known about other Akan settlements like the Akwamu, the Akyem , the Akuapem, the Denkyira, the Abron, the Aowin, the Ahanta, the Anyi, the Baoule, the Chokosi, the Fante, the Kwahu, the Sefwi, the Ahafo, the Assin, the Evalue, the Wassa the Adjukru, the Akye, the Alladian, the Attie,the M'Bato, the Abidji, the Avikam,the Avatime the Ebrie,
Copied from the Book; " Reality as Myth " by Onyeji Nnaji The beauty of the discovering of the Radar Rivers and their channels is that it disproves the western hegemonic claim of the Euphrates valley being the position of the birth of the great river, all the points that opposed their claims notwithstanding. Even God himself was very perfect in His creation by placing them in their positions, hierarchically, according to their birth. The first river that flowed located the Havilah land where there are good quality gold, bdellium and fine onyx stones. Pison was the oldest of the rivers and it flowed through the land of the southern Africa. The second river flowed northward to Ethiopia. It was when Africa had been overtaken by virtue of her proximity to the Great Water that other parts of the world began to encounter the remaining river; remarkable with Hiddekel. Subscribe to ajuede.com to be updated on our posts on dailies. The major problem tow
Copied from the book, Reality as Myths by Onyeji Nnaji T he world of the Bantu travellers shows the walls of the migration that recorded the highest population among the African settlement. Originating from the largest population among the four races that settled in the east before time, all Bantu travellers were pygmies; for that was the nature of the Umudiala, the generation that gave birth to them. Bantu migration was rated the third earliest migration of the Negro race from the east. In this regard, all their movement had involved great population of people compared to the number of people involved in the two earlier populations that gave birth to Ethiopia, Nubia and Egypt: the Walker Traveller, and the Race of Anu. Bantu population as we have identified in the third chapter above outweighs the rest of the population of the ancient fathers that founded many of the nations of antiquity mentioned earlier. Discussing them in beat will pose a little challenge since
STRICTLY FOR COUPLES … You will know that the man is the head while you are his neck. As such, you direct his focus and make him fixative Our series include the following : * Show him what he looks out for from other women * Teach him like he knows nothing * Learn to play naked games with your husband * Learn to package yourself * Learn to work on your husband M y neighbour had v owed never to let any girl survive as a salesgirl in my shop. This thing has happened for over three times. Each time we brought a new salesgirl, the girl would stay for two or three months; and suddenly she would end her contract with us. In all these, my husband did not know. So, being that the girls usually stole money and other items, the reason for their departure became genuine, thus: they ran away to avoid being punished for their actions. But behind this, the underlying truth is that the girls had been embarrassed by my neighbour who would warn them to leave her loosed husband. Re
T he name Nkalaha is a coinage which stands for a people occupying a geographical land and regional setting in the eastern part of Nigeria. It is a coinage which attempts to explain the direction of movement and adventure of the men who founded the community in the 15th century AD. According to oral sources and some documentation about this community, some of these men were believed to have traveled from Ida, old Benue state of Nigeria to inhabit the land. These men had traveled on different days to locate the place. Onojah who originally founded the land was said to have been in a deep search for a place of safety as he was besieged by a fate that appeared to make him somewhat incompatible with his own people. Nkalaha is one of the communities that make up Ishielu Local Government Area of Ebonyi State. Nkalaha occupied the northern part of Ishielu Local Government Area. She is located through the zip 135.031.000. The community sits on 923.768km 2 . She shares boundaries
The Mystery of Number, “Five” in the Igbo Cosmology. From: Aspects of the Ancient African Metaphysics; Chapter: Seven; Topic: Igbo Geometries and the Metaphysics of Numbers. Author: Onyeji Nnaji. I n the Igbo cosmology, the word Isee is a definite symbolic word as revealed through the Igbo language and culture. A human being has five fingers, five toes. The hands and feet are fundamentals to the survival in life as they are necessary in ensuring that man moves to places where he gets food and grapples on the food to sustain his life. To this view, the rhetoric that binds vocatives in the form of incantation (anchoring on the heart-lock: four ) and the concomitant reprisal in the manner of affirmation that holds the human life bind to his original spiritual person, therefore defining existence and essences are unified by the corresponding echo: Isee!!!!! Therefore it stands that anytime a prayer is said in the Igbo land, the attendants who would want the fulfillment of the
INTRODUCTION One thing that made Udi remarkable is the indubitable legacy adopted in commemoration of the legendry fighter, Uto at Nsude. It was one of the greatest contributions of the descendants of Agbaja to the survival of Nsukka civilization of memory. Uto held from Oshie. Uto dies of small pox after a mercenary battle he was hired to fight in the ancient Benin. His body was buried in the evil forest as the tradition demanded. Although he lived no longer, the stepped pyramids above were adopted to commemorate the lasting peace he brought to the entire Oshie and Udi nation of people. Another remarkable thing about Udi is the fertility of the land. This has contributed widely in sustaining the inhabitants and provided a name for the inhabitants in the manner of Abakaliki, Umudike, Ogbaru, Igboariam, Ohaji, Uzouwani, etc., especially in Amofia-Agu, Affa. Udi is a land of great rivers and springs: Adaada, Ajali, Oji, Aria, Nvenu, Ngene Evu, Iyi Ububo, etc. as was the situ
There are four generations…, and the fourth generation, which is the most exalted, is kingless and perfect. These people will enter the holy place of their Father and they will reside in rest … They are kings. They are the immortal within the mortal ( The Nag Hammadi, 219 ) Also read Nsukka Civilization: The Peopling of Ancient Nsukka One of the African homes that colonialism has completely deformed beyond certain level of recognition is Nsukka. Colonialism apart, the most affecting factor to the survival of the meaning which the rich cultural enclave, Nsukka, carries will best be blamed on postcolonial political structure. The biggest harm all these have against Nsukka as a people is that they rubbed her of the meaning of her name; their place of origin; how their fathers managed to come into their present abodes and who their ancestors were. A profound understanding of the excerpt above will open the door towards deciphering the meaning and origin of the people call
by Onyeji Nnaji Eha-Amufu road newly constructed by Governor Ifeanyi Ugwuanyi of Enugu state in 2019 A part from the strategic location of the Federal College of Education, one central reason remarkable about Eha-Amufu is her central position and her boundary situation. Eha-Amufu stands at the centre of many communities; as a result she has served as the gateway to different communities. She is bounded to Nkalaha, Agala, Ikem, Umuero and other communities, including Obeagu (pronounced Ubegu). Aside from that, Eha-Amufu embodies the route that traces the way to the northern part of Nigeria for travellers travelling from Ebonyi axis. Eha-Amufu also forms the remarkable boundary community between Enugu State and Ebonyi State. This situation makes Eha-Amufu very strategic in the discussion of the road and rivers across Ebonyi and Enugu. In the era when transportation on rail was the order of the day, the most popular then ‘Express Train and la