June 19, 2024

Biden is fighting a student loan crisis in America | Commentaries

Biden is fighting a student loan crisis in America

Student loan borrowers demand President Joe Biden use “Plan B” to cancel student debt Immediately at a rally outside of the U.S. Supreme Court on June 30, 2023, in Washington, D.C.

The No 1 crisis in the world right now: climate change

President Biden is on a mission of forgiveness for millions of Americans who cannot get ahead, because of their student debt.

Many will argue that if you take out a student loan, you have a responsibility to pay it back. But education is big business, and the interest continues to grow, and many times many Americans need help.

Many business people know the system is broken and many of these borrowers are teachers, nurses, police, and firefighters. Some of the borrowers have been paying back their loan for 30 years, and they can never get ahead.

“My Administration is able to deliver relief to these borrowers – and millions more – because of fixes we made to broken student loan programs that were preventing borrowers from getting relief they were entitled to under the law,” says President Biden.

In a new wave of student loan forgiveness, the Biden administration is canceling $5 billion in debt for 74,000 borrowers in December 2023. The White House announcement brings the total loan forgiveness approved by the Biden-Harris administration to $136.6 billion for more than 3.7 million Americans.

Student loan relief

The Republicans think that President Biden is only doing this to get political points, but the President is trying to fix an American problem. When 3.7 million Americans are getting help to wipe a loan clean everyone should be talking about the great job Biden is doing.

Biden has vowed to continue to fight to use every tool at his disposal, even though the Supreme Court blocked in 2023, Biden’s plan. The Supreme Court struck down Biden’s student loan relief plan as unlawful because it was not approved by the Congress.

As of June 2023, approximately 43.4 million student loan recipients had $1.65 trillion in outstanding loan according to the Federal Student Aid website. The figure represents an increase in $17 billion of outstanding balances and 600,000 students getting new loans.

There is no argument with students needing loans to improve their quality of life. But there is something wrong with a system when Americans are paying back loans for 30 years.

Since 2007, the student loan crisis is worse off than Americans think. It is very easy for students to get a loan, but it is very difficult to pay it off as bills continue to grow.

Solution in demand

Many students get their first major loan, when they are eighteen, and they keep getting more loans until they finish school. Very few parents sit down with their children to work out a monthly payment plan. As the tutions continue to increase, the need for a bigger loan amount is necessary.

Education Secretary Miguel Cardona said the department was moving “full speed ahead” with efforts to deliver even greater debt relief for more borrowers and to help them get on a faster track to loan forgiveness under a new SAVE repayment plan.

With millions of borrowers defaulting on their loans, Biden’s administration is taking action. The states are giving this problem to the federal government to solve. It will get worse before it gets better.

Covid was terrible for many Americans, because they could not pay their student loan bills. Many millions of Americans are still behind in their school loan billls and “What can the President and his Administration do to solve the student loan crisis?”

Roger Caldwell, a community activist, author, journalist, radio host and CEO of On Point Media Group, lives in Orlando. Contact him at jet38@bellsouth.net.

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