JPMorgan's Jamie Dimon slams Biden's student-loan forgiveness as 'badly done' and 'didn't fix the problem which will now be ongoing'

The CEO of one of the largest banks in the US doesn't like the idea of student loan forgiveness by the president.

The CEOs of the nation's major banks testified before the House Financial Services Committee on topics ranging from the economy to combatting the climate crisis, as well as student-debt relief. At the end of August, Biden announced up to $20,000 in student-loan forgiveness for federal borrowers making under $125,000 a year, and Jamie Dimon said he thought the policy was bad.

"I would have liked to have targeted the people who needed help," he said. The cost of college has not been fixed.

He said that they put a Band-Aid on and didn't fix the problem. Give it a fix.

"What we've done is a disgrace and it's hurting America," said the CEO of JP Morgan in 2019.

"I think they should look at all parts of student lending, fix the broken parts, and then forgive those people who need forgiveness, and then help people get into school, and then make sure the schools are responsible in getting the kids out," he said.

Some vulnerable Democrats are worried that the relief isn't going to borrowers who need it the most. The senator who is up for reelection said in August that the president should have more targeted relief and permanent solutions to address the rising cost of higher education.

This one-time relief is only the first step in addressing the problem. Bobby Scott, chair of the House education committee, introduced a bill to make student loans easier to pay off in the future, and Elizabeth Warren said that financial relief for students will not stop here.

There are a lot of issues in the system. The president did what he could with the tool in front of him He has helped relieve the debt burden for millions of Americans. It's absolutely true.