Student Debt Cancellation Denied
November 16, 2022
During the pandemic, the Trump administration adjourned federal student loan payments due to our economy’s struggles at that time. However, the Biden administration was working on a plan to unpause student loan forgiveness programs. Over 40 million Americans are in student-loan debt with over 1.7 trillion dollars to pay in total in 2022. This new plan would allow $10,000 of debt to be paid off for most people, and $20,000 for recipients of Pell Grants. A Pell Grant is money given to those in need who cannot financially afford to go to college. These do not have to be paid off. Students that are eligible receive a certain amount of money every year. This plan was ultimately denied by Congress.
President of Student Government, Sydney Clevidence, was asked her opinion on this situation. She says, “It’s a great thing in theory, but in actuality, it’s not possible right now since we’re already in debt.”
Businessman Kevin O’Leary says, “I’m trying to find merit in this proposed policy and I can’t. This is a policy born in hell.” O’Leary says that the last thing our president should be worrying about is student loan forgiveness when inflation is already through the roof. He made a fair point by arguing for the past generations who worked hard and earned every penny to escape their student loan debt. What are we going to say to them? Education is a privilege, not a right.
What’s your take on it?
Sources:
https://www.nytimes.com/2022/11/14/business/bidens-student-debt-cancellation-blocked.html
