Eliminating Undergraduate Debt

In recent news Biden announces his plans and commitment for eliminating student loan debt. If you are a student coming from a household making less than $125,000 and went to a public university Biden wants to eliminate you student debt completely. Students who parents make over this amount will still be awarded partial loan forgiveness, Biden wants everyone to get $10,000 knocked off their student debt in response to the economic hardships caused by the COVID-19 pandemic. Biden Affirms “I Will Eliminate Your Student Debt.” This is major news to graduates and current university students who have a significant amount of debt with attached interest rates. With the way the economy is, it is exceedingly difficult for these students to find well paying jobs once they graduate. With the combination of these factors’ student debt has become a major issue in our society for young people seeking education.

This is not an individual issue; it impacts most Americans. It is proven that student loan debt has increased over the decades and is one of the largest forms of American consumer debt, exceeding credit card debt. In 2010 it was reported to be around $830 million, while most recently being recorded at $1.6 trillion. As college tuition and student debt has increased job wages have not increased as significantly. This makes it nearly impossible to pay off student debt, which is contributing to the Great American Affordability Crisis. It is important to put the efforts of our economic resources into the elimination of student debt. By doing this we can move our society forward in furthering social legislation. Humanity depends on furthering of social legislation to promote the common good and creating laws to assist people in need.

              Once the public becomes educated on this issue and the negative effects it has on the younger generations, they will be more inclined to understanding the possibilities of social control. There are benefits to adding more social policies for alleviating the pressure of paying back these student loans. Student debt shackles the future generations from furthering themselves financially, it becomes difficult to plan for the future, like saving for a home, retirement, and emergency accounts. When students are unable to make these financial plans, it can negatively impact the future American economy. By accepting more social policies and including them into the older functions of government we can keep liberalism alive.

              Some people may be concerned about how erasing student debt will impact the raise of American taxes. There would be complaining that money would be taken away from them and given to students they believe are undeserving. We must keep in mind that the liberty of individuals needs to be supported by the structure of economic organizations like our government. Sometimes for the greater public good there must be minimal sacrifice from individuals. By implementing this policy, it not only assures the security of students to fulfill passions and make stride for achievements that are not related to paying off their student debts but it also relieves one of the largest factors of American debt.