Is the U.S. Moving Closer to Erasing All Federal Student Loans?
Consider This from NPR
NPR
4.2 • 6.2K Ratings
🗓️ 11 June 2022
⏱️ 12 minutes
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Summary
With over a trillion dollars owed, federal student loan debt has been called a national crisis. Advocates for the cancellation of all federal student loans hope the Department of Education's latest move could signal a step in that direction.
We speak with political strategist and student loan cancellation advocate Melissa Byrne.
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Transcript
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| 0:00.0 | The US Department of Education announced it will erase nearly $6 billion in federal student loan debt |
| 0:06.8 | for borrowers with loans from for-profit Corinthian colleges. |
| 0:10.8 | It's been called the Single Largest Act of Student Loan Forgiveness in the Department's history. |
| 0:16.7 | I was kind of excited. I was really in shock because I mean it took so long. |
| 0:23.6 | It took so long. The news of the debt cancellation was a big deal for hundreds of thousands of |
| 0:29.4 | former Corinthian students like Latanya Sugs. She spoke to our colleagues at here and now. |
| 0:34.9 | I went more into that. I'm not able to buy a house. I can't go back to school because my loans |
| 0:42.0 | were in default. This is really set me back. She's hoping that the cancellation of her $40,000 debt |
| 0:49.8 | will eventually help repair her credit. It was good before I went to college but now it's pretty poor. |
| 0:54.9 | So hopefully that this whole discharge that's going on right now will get it back up a little bit. |
| 1:02.0 | But she's still not sure what she would do in terms of an education. I feel like the Department |
| 1:06.8 | of Education should give me a four-free ride back to school. I feel like they should send us |
| 1:11.5 | all to school for free because then years is that something that we can't get back. Although we |
| 1:16.2 | got our loans wiped out but our degrees are useless. So we still are left with nothing. |
| 1:22.8 | Consider this. Student loan debt has been called a national crisis. Advocates for student debt |
| 1:30.5 | cancellation hope the Department of Education's latest move could signal a step toward canceling |
| 1:36.0 | all federal student loans. That's coming up from NPR. I'm sure I'll W. Thompson. It's Saturday, June 11th. |
| 1:53.2 | The Education Department would cancel billions in federal student loans for those who attended |
| 1:57.6 | schools run by the now-defunct for-profit Corinthian colleges. That cancellation is allowed through |
| 2:04.7 | what is called the Bauerer Defense to Loan Repayment. This law has been on the books for years and |
| 2:10.1 | years but it was never really used until 2015 when Corinthian won bankrupt. Josh Mitchell is a reporter |
| 2:17.2 | for the Wall Street Journal who covers the economy. It basically says if you can prove that you were |
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