The student debt crisis has been plaguing millions of Americans for decades now, but it looks like current U.S. President Joe Biden has come up with a plan that will alleviate the financial burden for many Americans by $10,000.
Recent reports suggest that White House aides have drafted up an order that is only waiting for Biden’s approval before moving forward. According to CNN, the discussion has been happening behind closed doors for months now. From debates on whether or not Biden actually has the power to cancel statewide debt, to a political desire not to validate Republicans who suggest Democrats rely too heavily on government handouts, the final decision has understandably been met with delays. Biden is being urged to officially make the announcement in late August in order to simultaneously coincide with the ending of a statewide moratorium on student loan payments.
Not all are for the $10,000 forgiveness plan, with some believing that monetary number should be way bigger. Take a look below at the pushback Biden is receiving, via CNBC:
“Some Democrats and activists have insisted that President Joe Biden needs to cancel at least $50,000 per borrower to make a meaningful impact on the country’s $1.7 trillion outstanding student loan balance. More than 40 million Americans are in debt for their education, and about 25% of those borrowers are in delinquency or default.
‘It’s an absolute insult,’ said Thomas Gokey, co-founder of the Debt Collective, a national union of debtors. ‘This is less than what he promised on the campaign.’”
Of course, you’ve also got the many out there who want student loan debt canceled altogether — *raises hand!* — with New York Rep. Jamaal Bowman stating, “He should cancel all of it. The problem is inflation might shoot up because we don’t yet have guardrails in place for price gouging.”
How do you feel about the current student loan crisis and Biden’s potential forgiveness plan: too little amount or just enough to get us on our feet? Sound off, scholars!
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President Biden Preps Plan To Forgive $10,000 In Student Debt Per Borrower was originally published on blackamericaweb.com