BusinessEducationU.S. House Votes to Rescind Student Debt-Relief Program

U.S. House Votes to Rescind Student Debt-Relief Program

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A new report outlined the importance of student debt relief to workers in New York and across the country.

An American Federation of Teachers analysis found rising education costs have forced people to borrow more than $1.7 trillion to attend college.

Amid that climate, the U.S. House of Representatives passed a Joint Resolution of Disapproval under the Congressional Review Act to overturn President Joe Biden’s student debt relief program. The bill now heads to the Senate.

Mike Pierce, executive director of the Student Borrower Protection Center, described how using the Congressional Review Act would disrupt student debt cancellation for public service workers.

“The student debt CRA scheme would reinstate the student loan debt of more than 260,000 public service workers nationwide,” Pierce explained. “(It would) drop a nearly $20 billion debt burden onto the backs of these hardworking teachers, nurses, first responders and service members still emerging from the pandemic.”

He pointed out the plan would roll back public workers’ progress toward having more than $170 billion in student loan debt canceled. Prior to the invocation of the Congressional Review Act, court challenges had blocked Biden’s plan before it began. The Supreme Court heard oral arguments in the case earlier this year.

Michael Boucai, professor of law at the State University of New York-Buffalo, had $102,000 in student loan debt forgiven as part of the Public Service Loan Forgiveness Program, and said although the student debt relief process was somewhat arduous, it was worthwhile.

“I was able to start looking seriously into buying a house, and I was able to significantly increase the financial help that I give to my sibling,” Boucai noted. “I was also able to just carry a whole lot more of the burden of running a household, with my partner.”

Some education professionals identify the growth of the U.S. student loan program as erasing the benefits of going to college, with millions of loans going into default each year.

The Education Data Initiative finds almost 11% of student borrowers default on their education loans in the first year of repayment with another 25% defaulting in the first five years of repayment.

Cámara vota a favor de suprimir programa para condonar deudas estudiantiles

college

Un nuevo informe destaca la importancia del alivio de la deuda estudiantil para los trabajadores de Nueva York y todo el pais.

El informe de la Federacion Americana de Profesores senala que el aumento de costos en la educacion ha obligado a la gente a pedir prestamos de mas de 1.7 trillones de dolares para asistir a la universidad.

La Camara de Representantes de EE.UU. ha aprobado una Resolucion Conjunta de Desaprobacion en virtud de la Ley de Revision del Congreso para anular el programa de alivio del presidente Joe Biden. El proyecto de ley se dirige ahora al Senado.

Pero Mike Pierce, del Student Borrower Protection Center, describe como el plan de la C-R-A interrumpe la cancelacion de la deuda estudiantil para los trabajadores del servicio publico.

“El plan de deuda estudiantil CRA restableceria la deuda de prestamos de mas de 260,000 trabajadores de los servicios publicos de todo el pais,” asegura Pierce, “Dejando caer una carga de deuda de casi 20 billones de dolares sobre las espaldas de maestros, enfermeros, socorristas y miembros de las fuerzas armadas que aun estan saliendo de la pandemia.”

Afirma que este plan haria retroceder el progreso de los trabajadores publicos hacia la condonacion de mas de 170 billones de dolares de deuda por prestamos estudiantiles. Pero incluso antes de la Ley de Revision del Congreso, las impugnaciones judiciales habian bloqueado el plan de Biden antes de su puesta en marcha. La Corte Suprema escucho los argumentos orales en el caso a principios de este ano.

Michael Boucai es profesor de Derecho en la Universidad SUNY de Buffalo. Se le condonaron 102,000 dolares de deuda de prestamos estudiantiles como parte del Programa de Condonacion de Prestamos del Servicio Publico, y dice que aunque el proceso fue algo arduo, valio la pena.

“Pude empezar a planear seriamente la compra de una casa y aumentar considerablemente la ayuda economica que le doy a mi hermano,” dice Boucai. “Tambien he podido asumir, junto con mi pareja, una carga mucho mayor en el hogar.”

Algunos profesionales de la educacion consideran que el crecimiento del programa de prestamos estudiantiles de EE. UU. esta borrando los beneficios de ir a la universidad, ya que millones de prestamos entran en mora cada ano. Segun la Iniciativa de Datos sobre Educacion, casi el 11% de los estudiantes que solicitan un prestamo para estudioslo dejan de pagar en el primer ano de reembolso, y otro 25% en los cinco primeros anos.

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