As President Biden begins his first term, many celebrate his decision to cancel up to $20,000 in student loan debt. Some say the policy is unfair, while others believe it doesn’t go far enough. Biden’s plan would cancel student debt for borrowers who earn less than $125,000 per year. The president has proposed capping monthly payments at 5% of their income for those who make more than that.
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Breanna Harmon, a recent college graduate with $30,000 in student loan debt, says she thinks the president’s proposal is a good start.
“I honestly think they should waive all student debt,” Harmon said. “It would benefit the economy and allow people like me to move on with our lives.”
Harmon isn’t alone in her thinking. A recent poll from Civics Analytics found that nearly 60% of respondents believe all student loan debt should be forgiven.
While many favours cancelling student loan debt, others say the policy is unfair. One critic is Andrew Hess, a George Mason University professor at Antonin Scalia Law School. Hess says that if the government cancels student loan debt, it would effectively reward people who took on too much debt in the first place.
“We should not be bailing out people who made bad decisions,” Hess said. “Doing so would only encourage more irresponsible borrowing in the future.”
Critics of the plan say it unfairly benefits wealthier Americans who are more likely to have higher debt levels. They also argue that the policy does nothing to address the underlying problems with the cost of tuition and the burden of student loans.
Others argue that the president’s plan doesn’t go far enough. They point to data showing that the average borrower owes more than $30,000 in student loans and say that cancellation of up to $20,000 is unlikely to make a significant difference for many people because it would be spread out over several years.
According to a recent poll, most Americans believe that student loan debt is a serious problem. But there is divided opinion on what should be done about it.
Secretary of Education Miguel Cardona has said that the administration is still working on the plan’s details and that more information will be released in the coming weeks. Still, in the meantime, there is much discussion about the pros and cons of the president’s proposal.
What do you think? Should President Biden cancel all student loan debt? Or is his plan fair and reasonable? Share your thoughts in the comments!
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