Several holders of student loans are displeased with recent efforts by the Biden administration and financial authorities to save Silicon Valley Bank (SVB) and Signature Bank as interest in the Supreme Court’s long-awaited ruling on loan forgiveness rises.
“It makes it clear to students and anyone who looks to the government for support that we are not their priority, that overall we live in a capitalist society and therefore their priority is always going to be where the money is,” Pre-med student at University of California, Berkeley Vivian Cormany, who also works at the campus co-op, told The Hill.
“Helping people achieve higher education and helping people live better lives because they won’t be paying off student loans until they’re 35 falls to the wayside when it comes to bailing out big banks,”
According to Cormany, her mother chose to go to college because of the cost, and her father paid off student loans until he was 40.
Others are also criticizing the recent bailouts, as the status of Biden’s expansive order to cancel up to $20,000 in student loans for thousands of borrowers is still in doubt.
“Federal funding by the university handles my current financial expenses. But whenever I see these bank bailouts, I think that money could go towards improving UT or other Texas universities,” In a recent interview with The Hill, Mercury Robertson, a resident assistant at a University of Texas dormitory in Austin, said.
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The government’s approach to the recent bank failures has been met with resentment from taxpayers and MPs, who have criticized the line of action as being blatantly unfair, according to some.
“What am I, surprised that our economy is run by people who own banks? No, it’s not a surprise. But yeah, it’s another example of total inequity and racism,” New York-based retired nurse practitioner Ellen McTigue told The Hill.
“No surprises there, but it is unfortunate and wrong,” she said.