On Tuesday, Aug. 1, some 7,400 borrowers will have their student debt forgiven, at an amount totaling $130 million. This has to be good news for many others in debt, and possibly a harbinger of relief for them.
There is, however, a caveat about this action: It applies only to students who attended CollegeAmerica in Colorado, which shut down three years ago and was charged with misleading students about their loans and futures.
CollegeAmerica borrowers, President Biden said in a statement, “were lied to, ripped off, and saddled with mountains of debt.”
Perhaps the same charges can be applied to other institutions that misled students and denied promises, but that’s a long shot. Even so, Biden should be emboldened by this latest move and renew his overall play to forgive the countless others facing debt.
We also thank the president for establishing the Emmett Till/Mamie Till-Mobley National Monument at three locations—in Sumner and Glendora, Mississippi, and Chicago, Illinois—under the protective arms of the National Park Service, which we believe will do a better job of securing the sites than previously, when these important sites were vandalized. The new monuments will enable partnerships between the Department of the Interior, the National Park Service, and local communities and organizations.
It was, though, unfortunate that many of the Till family members and associates were not there at the White House for this announcement, including many who have devoted years of life and resources to keep Till’s legacy alive. Let’s see how things go when the actual monuments are installed.