I was happy when President Joe Biden signed an executive order regarding student debt forgiveness. Under his order, the Department of Education will cancel between $10K and $20K of debt for those with federal government loans, with Pell Grant recipients gaining the most benefit. In addition, the hiatus on student loan payments is extended to the end of December, 2022. Finally, a new cap on payments will not exceed 5% of a borrower’s “discretionary income”.

Recently characterized in local press as benefitting “Affluent, Middle-Class New Hampshire Student Loan Borrowers”, the Department of Education actually estimates 90% of the forgiveness will benefit families earning less than $75K a year. Are families earning less than $75K/year really considered “Affluent”?

Ironically, I note that criticism of the current administration’s forgiveness did not extend to the forgiveness extended to the Paycheck Protection Program loans, despite the average of these being over $70K. This is a fine example of how socialism-subsidies are acceptable for businesses, but not for the people.

For New Hampshire families trying to educate the next generation, and at the same time wondering how they are going to heat their homes, feed themselves, and keep the lights on this coming winter, this executive order is a blessing.

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