The workin' man is a fool.

Lots of people do feel manipulated though, because they were the subjects of a multi billion dollar industry specifically designed to get them to take out large amounts of money when they were very young in order to get the degree that they were told from birth was necessary to live a decent life.

lulz

I think the WH is just pointing out the hypocrisy of slamming this recent decision by pols who have in the past received loan forgiveness.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

Pointing out hypocrisy from the red team for judging a redistribution scam doesn't actually negate the fact that it's a redistribution scam... it sort of validates the claim by demonstrating the feds have and will backstop reckless lending at the expense of everyone else if it's in their political interest.

I agree that making state schools tuition free again is the better solution.

Have predatory college loans been stopped? Have schools stopped being incentivized to raise costs? Has anything actually been done here except buying a few votes with other people's money?

A journey of 100 miles begins with a step.

Or it points out that, ... hey, everyone needs a little help some time. It was good for America when we forgave people being crushed by PPP loans, and it'll be good for America when we forgive people being crushed by predatory college loans.

Prior to 2010, the federal government provided most student loans through the
Federal Family Education Loan (FFEL) program. Under FFEL, lenders issued
loans using private capital, with the federal government agreeing to cover most
of private lenders’ losses in the case of default.

During the Great Recession, however, high unemployment caused a spike in
college enrollment as people sought to improve their job prospects. 11 As a result,
applications for federal student aid shot up, increasing by 10% between 2008
and 2009.12 At the same time, credit markets tightened and private lenders
feared they would struggle to raise sufficient capital to extend student loans to
borrowers. Consequently, the number of FFEL lenders quickly dropped by 65%. 13

Striving to improve access to credit, Congress shifted responsibility for issuing
federal student loans from private lenders to the federal government through
an expansion of the Federal Direct Loan program. As a result, since July 2010,
all federal student loans have been directly issued from the government using
funds from the U.S. Treasury.iii This ensures that the supply of credit used to
originate student loans is not at risk of drying up during recessions in the way
that private funds were under the FFEL program

Although the shift to Direct Loans eased concerns that students would not be
able to access loans during the recession, federal student debt surged, more than
doubling in real terms between 2007 and 2015 (Figure 2).14 Indeed, student
debt on the federal balance sheet grew much faster than the economy, posing
a greater risk to taxpayers. In 2007, federal student loan debt was equal to just
3.5% of GDP; by 2015, it had grown to 6.6% of GDP

More like it's been put on the back burner. "We did something so now forget about it."