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College costs keep snowballing despite Biden’s efforts to ease student debt burden

“They’ve really done things to address some of the most vulnerable borrowers out there, and I don’t want to take any of that away from them, but the frustrating part is the problem isn’t student loans — student loans is a symptom. The problem is the cost of higher education,” said Betsy Mayotte, president of The Institute of Student Loan Advisors. “So what’s been frustrating me is that there hasn’t been a more robust conversation about fixing the actual problem.”

The Biden administration increases efforts to fight student loan forgiveness scams

MEG ANDERSON, BYLINE: The White House is going to cancel up to $20,000 in student loan debt for as many as 40 million borrowers. But since that relief was announced in August, the government has released very little information about the application process.

BETSY MAYOTTE: This Biden forgiveness thing is Christmas, Thanksgiving and Fourth of July all rolled into one for the scammers.

ANDERSON: Betsy Mayotte is the president of The Institute of Student Loan Advisors. She says that vacuum of information has created an opportunity. Here’s an example of a suspicious call one borrower in Texas shared with NPR.

We’re still in a bear market, folks

Here’s everything we talked about today:

Biden’s student loan debt relief plan, explained

Betsy Mayotte, the president and founder of the Institute of Student Loan Advisors, said borrowers with high rates of default tend to have smaller amounts of debt. Amounts that will be completely forgiven by this plan.

“I’m hoping that [the plan] will really be impactful and wipe the debt away altogether from a large majority of borrowers that do have debt and no degree,” she said. “Especially if that debt is preventing them from going back to school and completing their credentials, especially if they’re already in default.”