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Should We Cancel the $7.7 Billion Student Debt?
How will this impact your wallet and the upcoming elections?
Kartik Vyas
May 30, 2024
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A Closer Look into President Biden’s $7.7 Billion Student Loan Cancellation
The Biden administration has announced cancelling $7.7 billion in student debt for over 160,000 borrowers. This brings the total relief to $167 billion for nearly 5 million Americans. The Supreme Court struck down Biden's broader debt cancellation plan last year. This move comes after that. But it's seen as an extra burden to taxpayers. It might also be a political move to win back young voters unhappy with Biden's stance on the Gaza war.
How has mainstream media been covering this story?
What is the left saying?Many on the left support Biden admin’s student debt relief. They view it as a step toward economic justice and educational equity. Student debt cancellation has been a top issue for Biden. The latest cancellation comes under existing plans and the new SAVE Plan. It aims to provide a faster path to debt cancellation for eligible borrowers. Announcing the new plan, President Biden says he will continue to cancel student debt. “I will never stop working to cancel student debtad — no matter how many times Republican-elected officials try to stop us.“ Last year, President Biden tried to offer one-time student debt cancellation. But the Supreme Court rejected it, saying it was an overreach of the president's authority. But, the Student Debt Crisis Center and its founder Natalia Abrams kept asking the Biden administration for debt relief. They're an advocacy group for canceling student debt. “The president possesses the power, and must summon to the will, to secure the essential relief that families across the nation despearately need.“ President Biden’s action on student debt cancellation has found support from the left. It voices the continued need to provide continued debt relief to millions of Americans. | What is the right saying?The right is criticizing Biden admin’s student debt forgiveness. They believe it is an unfair burden on taxpayers: GOP Representative Mike Simpson of Idaho says taxpaying Americans will have to bear the burden of President Biden’s debt relief schemes. “President Biden continues to add to the taxpayer tab in his student loan forgiveness scheme. There is no such thing as ‘canceling‘ student loan debt. Someone always has to pay. In this case, the 87% of American adults who DO NOT have student loans.“ The Biden admin's actions on student debt could help them regain the support of young voters. The young voters may have turned against Biden because of his support for Israel's war against Hamas. The decision may have electoral benefits for Biden. But, Caleb Kruckenberg of the Pacific Legal Foundation, a public interest legal organization, says that forgiving student debt is bad for everyone. “We have a student loan system that assumes that people are going to pay their debt back, and instead, it’s just this massive government spending policy that has negative effects for everybody.“ The right calls Biden’s decision a burden on taxpayers. They also see it as a political play to win over younger voters. |
Let’s Seek Common Ground, What Are The Facts?
The Biden administration has forgiven $7.7 billion in student debt for 160,000 borrowers.
This move is part of a larger initiative that has canceled $167 billion in total student debt for nearly 5 million Americans.
The relief includes $5.2 billion for 66,900 borrowers seeking Public Service Loan Forgiveness (PSLF). It also includes $1.9 billion for 39,200 borrowers in income-driven repayment (IDR) plans. It has $613 million for 54,300 borrowers in the latest SAVE plan as well.
The administration is exploring its current power to cut borrowers' balances. The Supreme Court struck down Biden's broader student debt cancellation plan last summer.
Our Thoughts
Student debt relief is a major issue as the total outstanding student loan debt in the United States is more than $1.7 trillion. It is owed by about 43 million borrowers. But, the way President Biden announced the latest plan less than 6 months before the election raises concerns. It seems like an election gimmick directed towards young voters who are upset with Biden’s stance on the war in Gaza.
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