Biden’s Latest Order Just a Smokescreen?
(DailyVantage.com) – President Joe Biden announced the White House’s plan for student debt relief on Wednesday, August 24. Single borrowers making less than $125,000 and married borrowers making up to $250,000 per year will qualify for $10,000 forgiveness. Pell Grant recipients will receive an additional $10,000. Plus, the chief executive paused repayments until December 31. Yet, while many have been pushing for cancellation for a long time, it’s not all good news. This relief is just a Band-Aid on a much larger problem — higher education’s affordability.
While Biden’s plan will reportedly eliminate debt for 20 million Americans and provide some relief for approximately 20 million more, the reality is that future college students will likely find themselves in the same predicament. Attending college is expensive, and schools have little incentive to lower their costs.
Op-Ed: Biden's debt cancellation will help millions, but it won't end the student loan crisis https://t.co/aBSG93in3j
— L.A. Times Opinion (@latimesopinion) August 25, 2022
Additionally, college tuition is continually rising and is even more costly for out-of-state attendees. Growing demand for college education and institutional enrollment caps are two main reasons for cost rises. Some states are simply providing less funding, which the schools must supplement by increasing tuition. The higher the costs of university and community colleges, the more students must borrow to attend.
However, according to a recent op-ed in the Los Angeles Times, journalists Jonathan Glater and Dalie Jimenez point out that both the federal and state governments have the power to create programs to help reduce tuition and the amount students borrow.
In reality, many who apply for student loans don’t necessarily understand the magnitude of the debt they’re undertaking. They start life after graduation or upon leaving school saddled with massive debt, which they must pay back with interest — and the cycle continues to the next generation of students. Many people will experience relief this time, but without a proper solution to the problem, debt will continue to plague students long after their college careers end.
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