WLWT: Students excited about debt relief announcement
UC economist says debt will shift to taxpayers
Students at the University of Cincinnati are among the people who were excited about President Joe Biden’s announcement of student debt relief, WLWT reported.
Michael Jones, PhD, associate professor of economics at the University of Cincinnati Carl H. Lindner College of Business.
Biden announced Wednesday plans to erase $10,000 in federal student loan debt for people with incomes below $125,000 a year or households that earn less than $250,000. People who received federal Pell Grants will be eligible for $20,000 in debt relief.
Michael Jones, the Kautz-Uible Professor of Economics in UC’s Carl H. Lindner College of Business, told WLWT the student debt relief will come through the shifting of the debt.
"It's important to use the right language in this conversation," Jones said. "So we talk about canceling student debt. But when we use that word, we can typically take the product or service back and get a refund. In this case, we're not canceling any debt. The service has already been provided. Students already have their education. They have their degree. So the question is not whether to cancel — but who is actually going to be paying for that service?
“It's going to be the taxpayer, because that individual (the borrower) is not going to be paying that amount back."
Featured image at top: The Carl H. Lindner College of Business at night. Andrew Higley/UC Marketing + Brand
Next Lives Here
The University of Cincinnati is classified as a Research 1 institution by the Carnegie Commission and is ranked in the National Science Foundation's Top-35 public research universities. UC's medical, graduate and undergraduate students and faculty investigate problems and innovate solutions with real-world impact. Next Lives Here.
Related Stories
Tips to avoid headaches this holiday season
December 15, 2025
A University of Cincinnati migraine expert offered a list of potential headache triggers around the holidays, and how you can try to avoid them, to 91.7 WVXU News. "There are a number of different factors that make this a very headache provocative time," said Vincent Martin, MD, professor of clinical medicine at the University of Cincinnati's College of Medicine and director of the Headache and Facial Pain Center at the Gardner Neuroscience Institute.
Local couple uses royalties from children's books to give gifts to kids in need
December 15, 2025
A local couple has found a unique way to give back to those in need this holiday season. Vic and Laura Troha wrote two children's books together, and this year, they are using the proceeds to buy Christmas gifts for Hamilton County foster kids. The couple are both graduates of the University of Cincinnati's College of Allied Health Sciences and met the day they graduated.
The hottest toys this holiday season
December 15, 2025
Local 12 turned to Lindner College of Business associate professor-educator of marketing Roseann Hassey to explain what’s got the trendiest items flying off the shelves.