This week President Joe Biden announced that he is going to forgive $10,000 of student loan debt for those who make less than $125,000 ($20,000 to Pell Grant recipients). Contrary to the pontification of the political pendants promoting the President’s plan, the debt does not magically disappear. Instead, the debt is transferred from the individual students to the national debt.
This student loan transfer program is an accounting gimmick taking over $300 billion in secured national debt and transforming it into unsecured national debt.
.png)
.png)
