Something that pretty much all college students have in common is student debt. Over 4.3 million people are drowning in student loan debt. In fact, the average student loan debt is around $37, 667. For many people, that’s seemingly impossible to pay off.

Biden has responded to this by introducing his “Student Loan Forgiveness Plan”.

What is the Forgiveness Plan?

Put simply, the forgiveness plan would remove up to $20,000 for “federal aid borrowers”. Breaking it down, this plan is aimed specifically to help people who have a lower income. In fact, a person who makes over $125,000 annually is not eligible for the Forgiveness Plan at all. However, many people argue that the forgiveness plan is pointless (“…but for the students who took out loans, it was their decision…”).

Pros

• Gives students/former students a chance to be able to pay off their loans
• Designed to help individuals who make a lower yearly income
• Millions of individuals will get relief from the grant

Cons

• Not everyone is eligible for the plan
• Might be considered unfair for the individuals who have already paid off their student loans, since they get no compensation from the Forgiveness Plan

Want to learn more about Biden’s Forgiveness Plan? Check out this website: https://www.npr.org/2022/09/13/1122613813/student-loan-forgiveness-biden-states for more information.

Sources:

https://educationdata.org/student-loan-debt-statistics

https://www.npr.org/2022/09/13/1122613813/student-loan-forgiveness-biden-states