Money is on everyone’s mind. However at this point in time many students are thinking about how they are going to pay their way through college. How much will scholarships cover, where will money be pulled from, and how much will be from their own pockets. Many resources cannot cover it all and therefore what ends up happening is the price tag of such education becomes a burden in the background, as it is always there, but mostly focused on after graduating. According to Credible, the average student loan debt for newly graduated 4 year students is $28,400 and the national average, students who have already graduated, a crisp $39,351. From the years 2019 to 2021 student loan debt has increased $5,697. All of this money, depending on the financial situation of one and the amount, is a hassle to pay. It’s cumulative obviously to the individual but also the country as the federal student debt is sitting at $1.57 trillion.
With the US having sunken into the abyss of debt targeting student debt would all for some relief. President Biden has started to forge a relief plan to alleviate millions of their debt with debate circulating around how much money will be given. According to CNN, it seems that $50,000 was a proposal given to the president by many, most notably Elizabeth Warren, but the White House has clarified that the amount that President Biden is willing to work with is $10,000. Most of the aid has come from stoppages on interests and payments have brough relief, but no progress to the overall goal of reducing federal student loan debt.
Credit: The Boston Globe
The talks of action did not come without criticism. According to Business Inside, Senator Mitt Romney and his fellow Republican lawmakers have brought forth a bill in an attempt to combat Biden’s promise of getting rid of student loan debt. This retaliation involves the Student Loan Accountability Act: “It would prohibit Biden's Education, Justice, and Treasury Departments from taking any action that would cancel or forgive student-loan borrowers'' (Insider). This act would also apply to any previously existing student loan debt assistance program. The reason some Republicans are proposing this is because they believe that it will contribute to inflation and will overall be a waste of time due it not being too believable to them. Personally, who wouldn’t want some help to get rid of some debt. Jesus get your mind together people… looking at you, Romney!
Questions
How much should be taken off of a student’s balance?
2. What do you think of Republican efforts to take down Biden’s plan?
3. Do you think the Republican plan has any chance of going through?
Sources:
https://www.cnn.com/2022/04/28/politics/student-loan-debt-joe-biden/index.html
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