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Petition calling on Biden to cancel student debt gets more than 1 million signatures



Petition calling on Biden to cancel student debt gets more than 1 million signatures

Austin Hossfeld and his wife, Hayley.

Photo: Austin Hossfeld

Every day, Austin Hossfeld types the same words into Google: “Biden” and “student loans.”

“A lot of the times, it’s the same articles,” Austin, 26, said. “I re-read them.

“At night, I talk to my wife about it.”

Like so many other Americans, the Carroll, Ohio, resident is eager for any new information on what President Joe Biden will decide to do, if anything, about the country’s $1.7 trillion outstanding student loan balance. Recently, Hossfeld’s online searching led him to a petition calling on the president to cancel all of that debt.

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He signed it. So have more than 1 million other people.

“It’s a no-brainer to help the lives of millions of people,” he said.

On the campaign trail, Biden said he supported forgiving $10,000 in student loans for all borrowers, but more recently he has asked his Education secretary to prepare a memo on his legal authority to wipe out as much as $50,000 each for all. That’s after he faced mounting pressure from other Democrats, including Senate Majority Leader Chuck Schumer of New York and Sen. Elizabeth Warren, from Massachusetts, to go further.

Increasingly, borrowers are also among those demanding forgiveness from the president.

Erin O’Brien, an associate professor of political science at the University of Massachusetts Boston, said the petition is likely to catch eyes in the White House.

“Numbers matter,” O’Brien said. “That’s what moves politicians.”

Polling shows that two-thirds of Americans support some form of student loan forgiveness. Just 4 in 10, however, believe all the debt should be canceled.

Critics of student loan forgiveness argue that it wouldn’t significantly stimulate the economy, since college graduates tend to be higher earners who would likely redirect their monthly payments to savings rather than additional spending. Others say a jubilee would be unfair to those who’ve already paid off their student debt or never took out loans. Those borrowers “might feel that their frugality was being punished,” Noah Smith, a columnist for Bloomberg, recently wrote.

Advocates say that borrowers were already struggling before the public health crisis — with more than 1 in 4 borrowers in delinquency or default — and that after over a year of record-high unemployment levels, that pain has only worsened.  

How can you move forward in life with that kind of debt?

Christine Angelique

student loan borrower

“Before the Covid-19 public health crisis began, student debt was already a drag on the national economy, weighing heaviest on Black and Latinx communities, as well as women,” more than 400 organizations, including the American Civil Liberties Union and the American Psychological Association, wrote in a letter to the White House in April.

“Administrative debt cancellation will deliver real progress on your racial equity, economic recovery, and Covid-19 relief campaign priorities.”

Hossfeld and his wife, Hayley, owe around $50,000 in student debt.

He graduated from Ohio Dominican University in 2017 with a degree in computer science, and now works as a technician in a lab. He finds the job dull, and wants to become a teacher instead.

But he’s scared to go back to school and take on more debt.

“I feel stuck,” he said.

He and his wife would also love to have a child, but they worry they won’t be able to afford the child-care and health expenses when they have to put $800 a month toward their student loans.

“Talk about stimulus,” Hossfeld said, if Biden forgave their debt.

“Eight hundred dollars a month extra, for me, would be amazing,” he said. “It would allow me to start a family, and get a different job.

“I dream about it.”

‘It’s been really depressing’

Christine Angelique of Portland, Oregon, signed the petition after her mother forwarded it to her.

Her student debt balance is more than $168,000.

Since Angelique graduated in 2010 with a degree in interior design from the Art Institute in Portland, she hasn’t been able to land a full-time job. The chain of for-profit colleges has come under fire for misleading students about their programs and career outcomes.

“I ended up working a lot of part-time and seasonal jobs,” Angelique, 43, said. “It’s been really depressing.”

In 2017, she filed for bankruptcy because of her credit card debt, which she said she’d accumulated to cover bills and essentials without a steady, adequate paycheck. She wasn’t able to discharge her student loans in the proceeding.

Things have only worsened in the pandemic. She was furloughed from her job at a hotel in March, and has since been laid off. Some of her student loans are now in default.

The six-figure debt leaves her feeling hopeless, though she knows she’s not alone.

“I’ve even commented to my mom, ‘I wouldn’t be surprised if there’s an increase in suicides,'” she said. “It’s just the way you feel trapped.

“How can you move forward in life with that kind of debt?”

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India adds 311,170 daily coronavirus infections to nearly 24.7 million By Reuters



India adds 311,170 daily coronavirus infections to nearly 24.7 million By Reuters

© Reuters. FILE PHOTO: A couple mourns as they stand next to the funeral pyre of a relative who died due to the coronavirus disease (COVID-19), at a crematorium in New Delhi, India, May 10, 2021. REUTERS/Adnan Abidi

BENGALURU (Reuters) – India’s tally of coronavirus infections reached nearly 24.7 million on Sunday, boosted by 311,170 new cases over the last 24 hours, while deaths rose by 4,077.

The South Asian nation’s tally stands at 24.68 million with the death toll at 270,284, health ministry data showed.

(Corrects tally in headline, paragraph 1)

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Altcoins pop while Bitcoin looks for support near $50,000 By Cointelegraph



Altcoins pop while Bitcoin looks for support near ,000 By Cointelegraph

Altcoins pop while Bitcoin looks for support near $50,000

(BTC) continues to look for direction, but as this occurred, Ether (ETH) and altcoins bounced higher from the Thursday sell-off. Dogecoin (DOGE) shocked investors with its 47% rally that kicked off after Coinbase announced that it would list DOGE in the coming months. DOGE’s price also rallied after Elon Musk tweeted that he was “working with Doge devs to improve system transaction efficiency. Potentially promising.”

While many altcoins have seen double-digit gains during the recovery, the price of Bitcoin has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.

ETH/USDT 4-hour chart. Source: TradingView
Percentage of total market capitalization dominance. Source: CoinMarketCap
Daily cryptocurrency market performance. Source: Coin360