Education Secretary Cardona defends Biden's student loan cancellation

TMZ.com

President Biden's decision to let millions of Americans off the hook on student loans is certainly causing some controversy, but a key cabinet member says it's more positive than not.< /p>

United States Secretary of Education Dr. Miguel Cardona joined us on 'TMZ Live' right after his boss' big announcement - and explained exactly what it means for all Americans. The White House

As the Prez said - and as Secretary Cardona reiterates here - anyone who has taken out a federal loan and earns less than $125,000/year is eligible for at least $10,000 back. If you purchased a Federal Pell Grant, you could qualify for an additional $10,000 rebate.

Dr. Cardona tells us that equates to 43 million Americans who can get relief…and about half of them can have their student debt wiped out entirely. This way, they can move on with their lives and finally get out of a huge hole that might otherwise have hampered their economic goals.

Surely there are many celebrating this news...and, yes, there are countless people who have been suffocated by crippling and seemingly endless student debt.

The White House

However, critics ask, "What about all those people who have already paid off their debt, or had no debt to begin with?" There's also the premise that students with high-paying degrees, who will make their fortunes later, will be able to exploit this new system now.