The Biden Administration recently announced a plan for student debt forgiveness, and the plan has been widely met with mixed emotions. From those in significant student loan debt it’s a miracle, but for some they see it as unfair.
Tuition has significantly and gradually increased in the last 50 years. A four-year degree from a public university once cost $400 a semester and now averages at over $10,000 a semester in the United States.
It’s clear to see the more-than-2,500 percent increase in tuition cost over the last 50 years. Students are taking on insurmountable amounts of debt for higher education, with loan companies prowling for easy targets, a category in which college students so easily fit. Young adults taking out their first loans are hit with high ARPs over time doubling or even tripling the cost of their overall college education.
Canceling up to $20,000 in debt for thousands of people will stimulate the economy giving those indebted room to spend money elsewhere that isn’t student loans.
Though it can be construed as unfair, not many people are getting their loans completely paid off. Many will still have significant amounts of debt to make payments on. This act from the administration will take the strain off of many who have been making payments towards their student debt for years.
Quite frankly, it is about time they tackled the mountain of student debt that exists. The plan sounds promising, but quite frankly, it is only the bare minimum. Our government could and should be doing more for us. Besides the potential $20,000 in forgiveness, their plan to reform the way that borrowers pay off their debt seals the deal. One can hope it will make the repayment process smoother and simpler for everyone who needs it.
Overall, it is great that individuals who have student debt are receiving government assistance. It is about time the government steps in to lower the nation’s student debt. It should have stepped in sooner and lowered the cost to get an education.
Pursuing a higher education should not be as expensive as it is now. If the nation is going to continue to enforce the American dream into the minds of its residents, the least it can do is make it easier for everyone to achieve it. The unfair game of favoritism needs to stop now.
