What Could Happen if Biden Forgave 50k of College Debt?
Why hasn’t this happened yet?
Close your eyes and imagine being a fresh college graduate. Your hometown is an area of the US with a high poverty rate. All your life, you’re told the key to a better future is college. You work hard for five years for your degree.
Months after graduating, you struggle to find a job. It’s getting too expensive keep renting your place. You have to move back in with your parents. Back to the hometown where you still can’t find a job that works with your degree. The best you can get is cashiering or fast food.
Any spare change you get goes to fixing your car. Better paying jobs require relocating, which you can’t afford to do. Your highest bill is your loan payment, and you’re barely scraping by. Even with the income-driven plan, you don’t see a difference. The interest is piling higher and higher, making your debt impossible to pay.
During the pandemic, Congress put a moratorium on borrowers paying off their debt. As of now, borrowers don’t need to make any payments until September. Until then, they can make payments with 0% interest.
Progressive Democrats are trying to push President Biden to approve forgiving 50K in student debt forgiveness. As of now, Biden is against forgiving up to 50K. However…
