The Biden administration announced Wednesday that it was “cancelling” an additional $9 billion in student debt owed by Americans who borrowed money to attend college but had not yet repaid it.
There is, of course, no such thing as debt cancellation — debt isn’t cancelled; it’s only repaid by someone other than the borrower, in this case, the U.S. taxpayer, many of whom have already paid off their student loans.
According to the announcement, available here or in its entirety below, the figured announced Wednesday meant that the Biden administration had cancelled a total of “$127 billion for nearly 3.6 million Americans.”
According to the Education Data Initiative, total student debt in the U.S. amounts to approximately $1.766 trillion; the $9 billion in “debt relief” announced by the White House Wednesday is about one-half of 1 percent of that amount.
Please think about donating below.