LETTER: Court will now rule on Biden student loan plan
After hearing arguments last week, the Supreme Court will now write a decision on the Biden executive order cancelling $400 billion in college debt.
There are issues of standing. Do individuals or states have a legal right to challenge the president’s order? Can a president use a 2003 war on terror act as justification for taking congressional authority 20 years hence? The fairness of the action is more than debatable.
What we do not hear are any solutions from our leaders to the astronomical cost growth of university educations. Universities have been incentivized to raise costs. They do not own the loan. They do not discourage junk degrees with no employment prospects.
Where is the rational discussion regarding degrees that benefit society? Examples include teachers, nurses, family doctors and emergency room physicians. We need people with STEM degrees and people to work as public safety and peace officers in distressed rural locations and the forgotten inner cities. Loans incurred by students who succeed in graduating with these degrees deserve consideration.
All student loans have had payments suspended for nearly three years due to the pandemic. During that time, all loan holders have been given an effective 15 percent discount due to the inflationary devaluation of the dollar. Unfortunately, their earning power has not grown to match, but 85 cents on the dollar is better than 100.
The pandemic emergency is over. It is now time to course correct and prevent a repeat.