For generations, we have been told that the only way to get ahead in life is to earn a college degree. While there is a certain amount of truth in that statement, the other truth is that college is getting more expensive by the day.
Earlier today, President Biden announced a plan for reducing college debt for earners making less than $125K annually. The details are as follows:
Borrowers who hold loans with the Department of Education and make less than $125,000 a year are eligible for up to $20,000 in student loan forgiveness if they received Pell Grants, which are given to students from low- and middle-income families. Individuals who make less than $125,000 a year but did not receive Pell Grants are eligible for $10,000 in loan forgiveness.
Of course, the Republicans are losing their minds. G-d forbid that a politician (especially POTUS) would do something for the American people instead of themselves. This hypocrisy is disturbing given the fact that many of them accepted forgivable PPP loans during the pandemic.
Though this is a campaign promise fulfilled (and could help the Democrats in the upcoming Midterms), I don’t know if 10-20K is enough to relieve the financial burden for some people. I understand that it was a compromise, as does Biden, but I have to question if it helps Americans who have triple digits in student loan debt.
“I understand not everything I’m announcing is going to make everybody happy,” Biden said. “Some think it’s too much — I find it interesting how some of my Republican friends who voted for those tax cuts think we shouldn’t be helping these folks. Some think it’s too little, but I believe my plan is responsible and fair. It focuses the benefit of middle-class and working families, it helps both current and future borrowers and it’ll fix a badly broken system.”
The truth is that relieving 10-20K is better than nothing. But I still think that it could have been a little higher.
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