President Biden cancels $10,000 in student loan debt: Pros and cons
The Daily Article
The Denison Forum
4.9 • 576 Ratings
🗓️ 25 August 2022
⏱️ 8 minutes
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Summary
President Biden announced yesterday that he would cancel $10,000 in student loan debt for Americans earning less than $125,000 per year or households earning less than $250,000. In The Daily Article for August 25, 2022, Dr. Jim Denison discusses the pros and cons of student loan forgiveness before turning to “our quest for self-advancement” and our need as Christians to lose our life for Jesus’ sake (Matthew 16:25).
Author: Dr. Jim Denison
Narrator: Chris Elkins
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Transcript
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| 0:00.0 | You have been uniquely wired by God to glorify Him and serve others. |
| 0:07.0 | He's given you particular spiritual gifts to accomplish those purposes. |
| 0:12.0 | And when you learn where you're gifted, you will begin to see more opportunities to gladly fulfill his calling on your life. |
| 0:20.0 | Our latest book seeks to help you better understand your spiritual gifts. |
| 0:24.6 | Request your copy today of the new book from Denison Forum, |
| 0:28.6 | What Are My Spiritual Gifts, at Daily Article.org. |
| 0:33.6 | You'll learn more about 17 specific gifts, as well as see examples from the Bible of people who lived out each gift. |
| 0:43.4 | Visit dailyarticle.org today to request your copy of What Are My Spiritual Gifts? |
| 0:53.7 | Welcome to the Daily Article podcast for Thursday, August 25th, 2022. |
| 0:58.8 | I'm Chris Elkins with the Denison Forum, narrating today's article written by Dr. Jim Denison. |
| 1:04.1 | President Biden announced yesterday that he would cancel $10,000 in student loan debt |
| 1:09.0 | for Americans earning less than $125,000 per year or households earning less than $200,000 in student loan debt for Americans earning less than $125,000 per year or households |
| 1:13.9 | earning less than $250,000. The White House claims that 90% of the relief will go to households |
| 1:20.4 | earning $75,000 a year or less. Students who received Pell grants, which are for low-income students, will be eligible to receive an additional $10,000 in debt forgiveness. |
| 1:32.5 | According to the White House, the move is necessary because federal support has not kept pace with the cost of attending college. |
| 1:40.0 | Pell Grants, for example, once covered nearly 80% of college costs, but now cover only a third. |
| 1:46.3 | Many students from low and middle-income families thus had no choice but to borrow to get a college degree. |
| 1:52.7 | The administration claims that the move will help middle-class borrowers buy homes, put away money for retirement, and start small businesses. |
| 2:02.4 | It will also help more vulnerable borrowers who could not complete their degrees due to financial constraints and now |
| 2:07.7 | have debt but no degree. And the announcement noted that student debt falls disproportionately |
| 2:14.0 | on black borrowers. On its face, according to the New York Times, the announcement |
| 2:19.2 | could cost taxpayers about $300 billion or more in money they effectively lent but will never |
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