The day Joe Biden was sworn in as President of the United States, he signed an executive order suspending federal student loan payments, but was reluctant to consider something more long-term and final. Until now, that is. According to the White House Chief of Staff Ron Klain Biden has spoken to his Secretary of Education, Miguel Cardona, in hopes of getting a clearer picture of what Biden’s presidential power is giving him in terms of student loan cancellation. Decades of millennial fear and generations of impending Generation Z riots may be on the verge of disappearing.
Nothing is set in stone yet. The topic of student loans is far-reaching and very controversial. In truth, surgery this great seems too good to consider. But I still will, and I will still hope, whatever the debt relief decision goes, because, and this is not controversial among most college students, college is too expensive and these ridiculous loans can last for generations cripple for their whole life.
Student Loan Hero reports that 69% of college students took out loans in the past year, each with an average debt of $ 30,000. Additionally, Americans owe a total of over $ 1.7 trillion in student loans. The parents of three out of 20 college students take out approximately $ 40,000 in loans. In total, around 45 million Americans are struggling with this problem. This includes my wife, close friends, and thousands and thousands of low-income citizens left with this life-changing, well-being debt until they die.
The obstacles faced by the President’s possible annulment actions are grave. The Senate is divided, and it’s not just Republicans who are strongly opposed to debt relief. The left-wing members also fear that the debts of high earners will already be canceled. But with the right parameters, a debt relief law could target and help those in need without adding any further benefits to those already funded.
When it comes to low-income families, the results of debt relief are innumerable and overwhelmingly positive. “Studies show that student debt relief can dramatically increase the wealth of black and Latin American households and help fill the racial wealth gap,” Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren said last year. Additionally, they said the termination of the loans could “provide immediate relief to millions struggling during this pandemic and recession and boost our troubled economy through a consumer-centric economic stimulus that can lead to higher home purchase rates and housing stability.” , higher graduation rates and larger small business start-ups. “
Education is a human right, as is life, freedom and the pursuit of happiness. Placing this education behind a paywall so high that it permanently harms a person’s life, restricts their freedom, and potholes their path to happiness is not the most effective way to facilitate these rights, despite all that some might say, it’s not the best that America can do. I sincerely hope Biden pulls this off so that people who deserve an education with no lifelong debt can get it and those privileged people like me whose college is paid can happily watch.