The U.S. largely financed the post-9/11 wars through debt. That means we'll be paying off the cost of the Afghanistan war for decades. This approach shields “the public from knowing what the true cost of the war is because they’re not feeling the pinch.'
Hello and welcome back to MarketWatch’s Extra Credit column, a weekly look at the news through the lens of debt.
“ ‘There are all these various costs that don’t get talked about when the American public hears about how expensive the war is.’ ” More than 47,000 current or former active duty service members will see the interest on their federal student loans waived retroactively, the Department of Education announced last week. Members of the military deployed to areas that put them in imminent danger have had the right to have the interest waived on their student loans for years, but only a small fraction have actually accessed that benefit.
“This is a critically important benefit which recognized, on top of the other military consumer protections, that if you were deployed to some of the most dangerous places in the world, we shouldn’t let the interest accrue on your student loans,” said Seth Frotman, the executive director of the Student Borrower Protection Center. “For nearly a decade that promise was illusory.”
For example, public servants, including service members and veterans, have struggled to have their loans cancelled under the Public Service Loan Forgiveness program, which allows borrowers to have their federal student loans discharged after 10 years of payments. Previously, these borrowers had to go through an application process to access the total and permanent disability discharge they’re eligible for.
Many of these promises aren’t straight up charity, but this isn’t surprising, given companies’ incentives: to do good, or at least appear to be doing good and not to lose money, said Mehrsa Baradaran, a professor at the University of California Irvine School of Law and an expert on banking, financial inclusion and the racial wealth gap.
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