President Biden’s Student Loan Forgiveness Plan
President Biden is in the works of making a student loan relief plan.
October 24, 2022
There is no doubt that student debt has been a major problem in the USA. It has been estimated that around 43 million American students are struggling with loans and student debts (educationdata.org).
President Joe Biden’s objective is to help students out of debt by reducing it as much as possible, but just what do people have to say about this, and how many people will actually benefit from it? First off, a person is only eligible to apply if they are currently making $125,000 or less. If it is a married couple, then they are able to apply as well if their total combined income is less than $250,000 (forbes.com).
It is certain that many people would be overjoyed hearing the news – getting out of student debt and all you have to do is apply for it. However, there have been people opposed to the idea of clearing out student debt. Some people see it as an inconvenience, such as how it “helps the winners” and puts a huge strain on taxpayers. Others say it would cause an even worse price inflation. This seems to be the reason concerning most people. By clearing student debts, it would cost a whopping several billion dollars (cnbc.com).
Some other sources argue otherwise, stating that the Student Loan Forgiveness act would be beneficial for workers and boost the economy. It would also take a lot of stress off the people who are stuck with those debts; people no longer have to work overtime and could have a greater sense of freedom by being able to put aside more money for retirement (procon.org).
Student debt should be forgiven. It could help people in many ways and reduce stress. — Ayan Saini
Despite Student Loan Debt Forgiveness seeming like a wonderful idea, it is unclear whether it would impact the economy negatively or positively, or both. Different sources and people have very opposing views on the matter, and it is unsure which one is the right view. All matters have their downsides and upsides, but what matters most is how other people feel about the situation and whether it can be considered a helpful act or not.
Ayan Saini (10) says, “Student debt should be forgiven. It could help people in many ways and reduce stress.” It is a heavily divided subject: should student loan debts be forgiven or not? Will removing debt help others and boost the economy, or could it negatively affect the economy and cause other problems? You decide.
Tatum Steward • Mar 9, 2023 at 7:29 AM
I think this article is very informative and interesting, however, parts of it were a bit confusing so try making them easier to digest for the average reader.
Tiana Salisbury • Mar 9, 2023 at 7:23 AM
Very interesting article! As a senior, I am becoming more concerned about student debt, but I hope the government can create a plan that can help relieve this stress without disrupting the economy.