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Reply to "Student loan forgiveness has made me even more distant from my father "
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[quote=Anonymous]From a political perspective, the loan forgiveness issue presents a minefield for the GOP. Many reputable and non-partisan economists forecast a serious recession in FY23 second and third quarters, resulting in serious layoffs, especially younger and less experienced workers, the demographic most likely to hold student loans. As realized in the recent midterms, young people vote. The GOP House hard line against no student loan forgiveness will damage them politically. To a great extent President Biden has effectively reduced federally subsidized student loan balances through Department of Education regulatory capture. True, the President lacks authority to simply forgive the debt, yet he has the authority through the DOE to restructure the repayment formulas to minimize the repayment, basing repayment on earnings rather than debt amount and establishing a short repayment time requirement. [/quote]
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