Sheila Bair is former FDIC chair and senior fellow, Center for Financial Stability.
President Biden has finally made a decision about student debt cancellation, going significantly beyond the $10,000 in forgiveness that he embraced as a presidential candidate. Of the 43 million borrowers eligible for his plan, 27 million Pell grant recipients will qualify for $20,000 of relief, with the remainder qualifying for $10,000. Conservative estimates put the cost at about a half trillion dollars.
But…
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