Should Biden revise his student loan forgiveness and follow the ancient Biblical laws of usury instead?

The Chicago Tribune article of a Financial Columnist titled: The forgotten in student loan forgiveness, reported:

“I’ve heard from many borrowers like “Sue,” a 61-year-old schoolteacher who showed me records starting when she graduated in 1992 with a loan balance of $11,998. After years of payments, (including some years in forbearance as she struggled) Sue paid $12,870 on the loan over the past 30 years — and still has a student loan balance of $30,525.88!”

This article brought up a Citizen Tom Blog Post titled:

The Bible, Usury, and Debt Forgiveness, on the issue of ancient Bible Israel and Christian laws against usury.

The Purpose of This Post

Is to relate and ancient wisdom verse on this conundrum to hopefully transmit to our present Christian President Biden to reconsider the unfairness of his proposal many USA citizens are voicing and an explanation and remedy proposed by Terry Savage, the Chicago Tribune Financial columnist,

King Solomon

The rich rule over the poor, and the borrower is slave to the lender. (Proverb 22:7)

What’s My Point?

The same issue of usury was prevalent in ancient times when laws were observed against usury which in our contemporary times is contributing to be a major reason for the high rate of bankruptcy and major roadblock for the poor in our Nation.

In My Opinion

Biden’s plan is supposedly estimated to cost 325 billion dollars.

Instead, he should follow the proposal of the writer to end interest being charged for all exisiting loans once the initial loan is paid off less the accumulated interest.

For example, Biden should consider that perhaps, the present interest holders on the above $30, 528.88 have made enough over the years on their loan, in my opinion.

This might help reduce the present unfairness being voiced in our Nation.

As for youth being unaware of how usury interest on credit cards and loans in the USA, I favor Citizen comment:

“Children need to be taught NEVER to borrow money using a credit card.

“If we went to school vouchers and let parents pick the schools they want, I suspect school teachers in math classes would soon be explaining the stupidity of borrowing money with a credit card. Then they would point to the Bible for confirmation.””

If Interested

Read the Source Links

You Decide

In ancient Israel laws forbade anyone to charge interest on a loan to a fellow Israelite, but not to a foreigner, perhaps what our government should treat the youth citizens in the USA to prevent them from what they wind up becoming in their futures: “the borrower is slave to the lender.”

Regards and goodwill blogging.

Source Links

Chicago Tribune

Citizen Tom

Usury in the Bible Encyclopedia

Citizen Tom