by Jack Adair
President Joe Biden believes that post high school education is a gateway to middle class life. However, for many it is a trap to financial burden that can leave them tens of thousands of dollars of debt. His campaign promised student debt relief and he is pushing for just that. Since 1980, the cost for a four-year institution has tripled even after inflation has been accounted for. According to the White House, students usually graduate with around 25,000 dollars in debt.
This year, President Biden has put together a three-part plan to provide families with breathing room that will help them recover from the effects of Covid and student loan debt. The plan includes loan forgiveness for previous students for as much of 20,000 dollars to Pell grant recipients and 10,000 to non-Pell grant recipients. The student loan relief plans are a positive plan for those who need the student loans paid off but raise many questions for others. Where is the United States getting all this money from?
In my opinion as a student going into college and working out financial aid costs and scholarships, the plan sounds like a helpful bonus towards my college funds. However, if the United States was to provide 10,000 to 20,000 dollars per kid towards college, where are we getting all that money from? I think if we were to do this, we would be taking money from certain other important aids and applying it to students for college. We could potentially be raising the U.S. national debt astronomically and could lead to further issues down the road.
Missouri Attorney General, Eric Schmitt, joined five other states (along with Nebraska, Iowa, South Carolina, Arkansas and Kansas) in filing a challenge to the Biden Administration’s student loan cancellation program in a federal court in Missouri. In the lawsuit, the states asked the Court for an immediate temporary restraining order to pause the program. Not everyone is on board with the plan, this could lead to issues down the road.
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