Business
Kamala Harris’ Stance On Student Loans: A Look At Her Career And Potential Presidency
Vice President Kamala Harris has been a consistent advocate for student loan forgiveness and relief measures throughout her career. As the potential Democratic nominee for the 2024 presidential election, her stance on student loans could have a significant impact on voters, particularly among young adults and those burdened by student debt.
As Attorney General of California, Harris took action against for-profit colleges for deceptive practices, filing charges against Corinthian Colleges and its subsidiaries in 2013. She obtained a $1.1 billion judgment against the defunct chain in 2016. That same year, she joined attorneys general from 16 other states and the District of Columbia to urge the Department of Education to provide relief to students affected by dishonest practices by for-profit schools.
In the Senate, Harris co-sponsored several bills aimed at making college more affordable. In 2017, she signed on to Sen. Bernie Sanders and Rep. Pramila Jayapal’s College For All Act, which proposed making four-year public colleges and universities free for families making up to $125,000 and community college free for everyone. Although the bill did not become law, it demonstrated Harris’ commitment to addressing the issue of student debt.
In 2019, Harris joined her colleagues in reintroducing the Debt-Free College Act, which proposed providing a dollar-for-dollar federal match to state colleges in exchange for a commitment to help students pay for the full cost of attendance without taking on debt. She also introduced the BASIC Act, which aimed to provide grants to colleges to help eligible students with basic needs like food, housing, transportation, and healthcare. Neither bill became law, but they highlighted Harris’ ongoing efforts to address the issue of student debt.
As a Democratic presidential hopeful in 2019, Harris proposed a smaller student loan forgiveness plan than what she eventually supported as Biden’s vice president. Her plan focused on loan forgiveness for Pell Grant recipients who started and operated businesses in disadvantaged communities for at least three years. Although the plan was criticized for being too narrow, it demonstrated Harris’ willingness to think creatively about addressing the issue of student debt.
As vice president, Harris has supported President Biden’s efforts to cancel student loans. She initially backed broad forgiveness of between $10,000 and $20,000 for every borrower, although the plan was blocked by the Supreme Court. Biden’s new plan to achieve broad forgiveness from a different angle is pending, and analysts believe that Harris may try to see it through if she wins the election in November.
Analysts say that Harris’ stance on student loans could influence voters in November, particularly among Democrats and those with personal experience with student debt. A recent survey found that 58% of Democrats and 54% of those currently paying student loans consider forgiveness important. However, support varies based on partisanship and personal experience.
If Harris becomes president, she may also focus on consumer protection and antitrust laws to hold for-profit institutions accountable. She may take greater legal action against for-profit colleges, as she did when she was California’s attorney general. Additionally, she may propose smaller measures, such as eliminating origination fees levied on borrowers when they take out federal loans for school.
Overall, Kamala Harris’ stance on student loans reflects her commitment to addressing the issue of student debt and making college more affordable. As the potential Democratic nominee for the 2024 presidential election, her position on this issue could have a significant impact on voters
Nigerian banks’ rush to upgrade their core banking systems has caused confusion and frustration for many customers. With banks upgrading to more secure software, the lack of communication and customer support has left millions unable to access their funds, sparking questions about the bank’s commitment to customer welfare.
Dr. Uju Ogubunka, President of Bank Customers Association of Nigeria (BCAN), emphasized the severe impact of these disruptions, stressing the need for better communication and customer preparedness during such transitions. Banks must strike a balance between technological upgrades and customer service to retain trust, especially in an economy facing devaluation pressures.
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As Nigeria commemorates its 64th Independence anniversary, the stark contrast between celebration and the persistent challenges of corruption, mismanagement, and unfulfilled promises becomes evident.
The editorial revisits historical attempts at reform, such as the Independent Corrupt Practices Commission’s (ICPC) prosecutions and the House of Representatives’ inquiry into the unfulfilled $14.5 million aircraft repair contract. Many of these initiatives have faded from public memory, leaving questions about accountability unresolved.
High-profile corruption cases, including the Halliburton scandal involving alleged bribes of $180 million, highlight systemic failures within the political landscape.
The editorial emphasizes the need for collective action from citizens, civil society, and the media to demand transparency and accountability. It warns that without addressing these entrenched failures, Nigeria’s path toward democracy and good governance may continue to be fraught with unfulfilled promises.
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In a significant blow to Scotland’s energy sector, the 100-year-old Grangemouth refinery is set to close in 2025, citing its inability to compete with modern plants in Africa, Asia, and the Middle East. The refinery’s operator, Petroineos, announced the closure, which will result in the loss of 400 jobs.
Located in Scotland, Grangemouth refinery has been in operation since 1924, making it the country’s oldest and only refinery. However, despite its rich history, the refinery has struggled to remain competitive in the face of mounting global competition. Petroineos, a joint venture between PetroChina Internation al London (PCIL) and INEOS Group, a British chemicals firm founded by billionaire Sir Jim Ratcliffe, has invested $1.2 billion in the refinery since 2011.
However, the company has incurred significant losses, totalling over $775 million during the same period. According to Petroineos, the refinery is currently losing around $500,000 per day and expects a $200 million loss in 2024.
The company’s Chief Executive, Frank Demay, stated that the market for petrol and diesel fuels is expected to shrink further due to the upcoming ban on new petrol and diesel cars within the next decade. “Grangemouth is increasingly unable to compete with bigger, more modern and efficient sites in the Middle East, Asia and Africa.
Due to its size and configuration, Grangemouth incurs high levels of capital expenditure each year just to maintain its licence to operate,” Demay explained. The closure of Grangemouth refinery marks a significant shift in the global oil refining landscape, with modern and efficient plants in Africa, Asia, and the Middle East gaining a competitive edge. The Dangote Refinery in Nigeria, one of the largest refineries in Africa, may have contributed to the decline of Grangemouth refinery.
The refinery will be converted into a fuel import terminal, ensuring Scotland’s energy needs are still met. However, the closure raises concerns about the country’s energy security and the impact on local communities.
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