And working class, and poor people. caught him is a professor at the university of north carolina chapel hill, an opinion columnist for the new york times. she s also the author of lower ed, the troubling rise of for profit colleges in the new economy. she joins me now. tracy, you are one of my go to people on this issue, on things about higher ed. it s your area of academic expertise, though you write about a wide variety of topics. what s your sort of top line takeaway to folks who i m sure are texting you all day about what this means, what do you think of it? it has been a busy day, good to see, chris. you know, there s a saying where i m from in the american south that this ain t nothing to sneeze at. and so, that s my top line takeaway. you know, it can be difficult to accept a win when there s so much that we need to win, still need to fight for. but this is a pretty good day, a day that we owe a lot of credit to student activists for, for people who kept this issue in the l
Debt. some of it from those for profit colleges and schools that are fraudulent and are not providing their students with the benefit that they earn by paying to go to that school. so that s one piece. and the second piece is capping the interest that you pay on a student loan moving forward at 5% of your discretionary income. so helping to insure that people who are going to college moving forward are not dealing with those exorbitant fees on student loans so it s more affordable for them to go to school. kate, thank you for giving us the white house perspective on all of this. thank you for having me. another threat to texas women s rights as abortion services continue to be targeted. more on what the latest move means for doctors and patients across the state ahead.
Couple months after i was sworn in to the u.s. senate. it was a 10-year loan. i never could have done it without that. but, some of these costs are getting far too high. and especially for profit colleges. and i i don t know if you can have a means test or what, but i worry that we say to colleges charge whatever you want, we are going to forgive the loan. bret: senator patrick leahy on this show earlier about student loan forgiveness. we are being told the president is going to move forward with that we are hearing $10,000 with a cap of $125,000 as far as income, salary cap. bloomberg says student loan relief costing billions favoring top everywherers, forgiving student loan will cost 300 billion and 980 billion over 10 years according to new analysis with the majority of relief going toward borrowers in the top 60% of earners loan
You know, i went through college and law school. i had student loans. i paid off the last student loan a couple months after i was sworn into the u.s. senate. a 10-year loan. and i never could have done it without that. but, some of these costs are getting far too high, and especially for profit colleges. and i don t know if you have a means test or what, but i worry that we say to colleges charge whatever you want, we are going to forgive the loan. the university of vermont, my home state, the president has kept the tuition the same for several years. it s been a lot of work with inflation to do that but he has done it. and i want colleges to look and
Full context and restart payments, we need to be considering whether the this say president s decision, whether he s going to forgive loans. let s keep in mind, keep in mind that the president has been forgiving loans of department of education has forgiven loans on around $20 billion for those who have attended for profit colleges and were defrauded. but we understand the student loans are an issue, the president will be making a decision and the impacts on inflation will depend on the we have to keep it in context of the restart, and let s also face it, this happens over time. loan payments are not students make payments over time, so it is not a one-hit shock to the economy like a stimulus would be as many people might be thinking in mind. and you also acknowledge the whole discussion, though, is really a band-aid given it does nothing to address the core issue that is the exorbitant cost of higher education? absolutely. that s why the president is also