Throughout August 2022, it was reported that the United States (U.S.) President Joe Biden sent a request to the Supreme Court to discharge some of the federal student loan debt for citizens. This sparked conversation among people who obtain student loans as some expressed their opposition to the request.
Biden declared his want to dismiss some federal student loan debt for citizens, to give student borrowers credit for more payments due to a cluttered student loan system. Furthermore, Biden wishes to give the opportunity to students who are feeling that their student loan is affecting their daily lifestyles.
Americans who are still paying off their student loans feel that this is still affecting them today. The article “What the Supreme Court’s rejection of student loan relief means for borrowers” written by Cory Turner provides the perspective of Kurt Panton, a student from the Borrower Protection Center who believed his student loan had affected his mental stability for himself and his family.
Furthermore, Panton explains the heavy weight that students carry when having a student loan to constantly worry about. With this in mind, students are being forced to carry their loans into their futures with the never ending task of paying it off and feeling cut off from living a fulfilled life.
Furthermore , the official White House website showcases the article “President Biden Announces Student Loan Relief for Borrowers Who Need It Most” explaining how federal support has not been enough to let families to experience a standard of living. Over the years, the cost to pay for four year colleges has almost tripled leaving most students no choice but to borrow money as low to middle income families cannot afford to pay the costs.
There is a need for support in those struggling with student debt as it is estimated that a current undergraduate student, who is now graduating, is in debt of $25,000. As the number of students enrolling for higher education steadily increases there is a greater sum of money being borrowed. Moreover, student’s financial careers are jeopardized as they are likely to face difficulty with gaining financial stability.
As stated by the Federal Student Aid, an office of the U.S. Department of Education in their article “The Biden-Harris Administration’s Student Debt Relief Plan Explained”, Biden had requested to address the financial harms that have been acquired due to the pandemic. He essentially calls to provide student borrowers with help to repay their debts and also help student borrowers prevent the risk of default once they are told to pay back.
This is an unfortunate truth for many students who can be deeply impacted and led to paying off the debt for years, thus facing numerous financial struggles. Financial struggles that follow these students later on in their lives lead to harsh circumstances and make it difficult to support the needs of their families.
However, there are some people who are opposed to the idea of students paying back their student loans. For example, in What the Supreme Court’s rejection of student loan relief means for borrowers by the National Public Radio, an American nonprofit media organization, Republicans of the US are pleased with this idea as they thought it was a misuse of power and an unnecessary expense for Americans that have already paid off their student loans.
This is a harsh reality student borrowers are having to face as Biden’s request was denied. Any student who had borrowed money from the Education Department has been forced to return and pay off the money, giving them an even harder time in supporting themselves.
Not only has the Education Department cut down the funding for services but have also been immersed with concerns as there are large inquiries towards the new situation. According to The Biden-Harris Administration’s Student Debt Relief Plan Explained from the Federal Aid, the student loan system has been decreasing even when funded. The department is facing backlash for being disorganized and poorly managed for these student loan borrowers.
The student loan system is broken and has been for many years. There is no official way to alter the way people are paying for their debts. It may be a very long time until the system is able to cut back the amount of money they are charging students who have low income and face financial struggles.
