Thursday, January 21, 2021

Student Loan Payments Halted and Interest Rate on Loans Put at 0%

Miguel Cardona

President Biden’s secretary of education, Miguel Cardona, had paused student loan payments and put the loan interest rate at 0%.

Cardona directed the office of Federal Student Aid to provide the following relief on ED-held federal student loans:

  • suspend loan payments
  • stop collections on defaulted loans
  • set interest rates to 0% for a period of 60 days
Student loan borrowers monthly loan payments are suspended for another nine months, until Sept. 30. 

Student loans are a complex issue largely the result of a scam run by the Education-Banking-Government Complex, so I don't have hard objections.

But note well, if any part of these loans are forgiven the banks will not lose, and they should lose. The payments will come out of your hide through higher taxes or higher price inflation.

It is a scam being solved by a new scam. It is time the scammers start facing losses.



  1. I'd get behind a proposal to force universities to pay off student loan debt.

  2. State and federal governments should stop supporting public and private universities with tax dollars. Let the universities find what the market will afford to pay without government assistance. Half of the classes you are required to take have no relevance to what your degree is about. SCAM

  3. Economic Illiterates.