Former U.S. Education Secretary wants government to forgive all student loan debt

Former U.S. Secretary of Education John King has a bold proposal for speeding the nation's economic recovery from the coronavirus pandemic and putting millions of people on a better path to achieve financial security: Forgive all $1.7 trillion Americans still owe on their student loans.

King, who served under President Barack Obama, told CBS News that the federal government paid roughly 80% of the cost of college for students through its Pell grant program in the 1980s. But the government's move in recent decades to cut its investment in higher education has left many students deeply in debt, with today's Pell program covering less than a third of annual tuition for grant recipients.

"We've got to make up for that policy mistake of the last 40 years by addressing the crushing burden of student debt that so many young people feel today and fixing the problem going forward by committing to debt-free college in the United States," King said.