Biden to Forgive $1.2 Billion in Student Loan Debt
Move Comes Year After Supreme Court Sided Against Biden Administration
President Joe Biden announced Wednesday that he plans to cancel an additional $1.2 billion of college student loans. This will now total $138 billion of student loan forgiveness.
Last year, the Supreme Court decided against the administration of a plan to wipe out student loans. Instead, the former Vice President will plan to eliminate debt continuously.
The student loan forgiveness plan has drawn the ire of many Republicans who have made a solid counterargument that not everyone goes to college and not everyone graduates school with debt. Yet, why are hard-working taxpayers dealt with having to pay for another student’s education which was not the taxpayer?
“Those who are eligible have been enrolled in repayment plans for at least 10 years and originally borrowed $12,000 or less for college.” Said the Education Department. “For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments.” This plan is not geared toward recent college graduates. However, with Biden facing re-election this year, this move is a big step forward to winning over Gen Z voters in the general.
As I have mentioned in my previous piece, “The College Affordability Crisis Explained” I say “The main goal is to graduate school with a degree and come out of
The College Affordability Crisis Explained
College is a very exciting time in one’s life. It is a fresh start in a new place with newfound freedoms. However, college nowadays is very expensive. Many students who know they are college-bound always ask themselves “Where do they want to go to college” when the question should be “Why do they want to go to college.” While both questions are valid and…
college with as little debt as possible.” Many of those who are asking for student loan forgiveness have accumulated over $100,000 in student loans. Many examples of these students decided to go to their dream school far away from home. They overlooked the cost of college and are now trapped in a massive amount of debt. While those who choose to commute save boatloads of money each year. For many years, society has told us those who choose not to go to college will be successful. Meanwhile, trade opportunities are extremely overlooked. In addition, it is extremely unfair for someone to pay for another student's education when that someone did not go to college themselves. Attending college has become extremely unaffordable for everyone. To make college more affordable, take advantage of AP courses while in high school, commute to school over living on campus, and consider attending community college to figure out what the best career path is. That way when someone does graduate college, they will not have to worry about the burden of being hundreds of thousands of dollars in debt.
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