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Last week, President Joe Biden and congressional Democrats — notably Senate majority leader Chuck Schumer and Massachusetts Senator Elizabeth Warren — revived talks for one of the more decisive topics on the Democratic agenda: the student debt crisis. The issue, which notably aided Biden on the campaign trail, is now worse than ever, with the Federal Reserve estimating that “in quarter three of 2020, Americans owed more than $1.7 trillion in student loans.” This number has “increased by approximately 102% in the past decade,” per CNBC.
Schumer and Warren proposed a $50,000 per person plan to President Biden earlier in February, urging him to make the changes via executive action. However, Biden has responded against this, instead pushing for a more specific $10,000 plan that would be less forgiving to private education and be passed through legislation, ensuring permanency.
So, with student loan debt being a common factor among almost every current and former college student, The Quad decided to ask fellow students…
What is your reaction to this? How would such a decision (either for $50,000 or $10,000) affect you?
“I have almost $20,000 of personal student loan debt and I am only in my first year of college. This doesn’t even include the amount of federal loans I have to pay back because I am not keeping track of that right now. Of course, $10,000 would help a lot; $50,000 would be much better. Without that huge amount of debt, I could be more free to find a job I actually like and not be rushed into getting one that does not fit me right after I graduate.” – undergraduate student, $20,000 in debt
“I personally think that everyone who has student loan debt would greatly appreciate a reduced sum of total repayment debt. I’m a 2020 WCU graduate. I graduated right a few months after everything went virtual. Many graduates are still struggling to find careers due to the pandemic. Luckily, the state pushed back the starting date for repayment to October of 2021. Nonetheless, every bit of assistance is helpful!” – Michelle Coswell, college graduate, $42,000 in debt
“I’m glad Biden is at least aiming for $10,000, but it’s a bit like the $600 stimulus check, isn’t it? Like, golly, thanks. Now maybe I can pay this off in my 70’s instead of my 80’s.” – Amy Maxcy, college graduate, $64,000 in debt
“That would be such a relief for me. Obviously I would want as much as possible, but any amount would help.” – undergraduate student, $10,000 in debt
“Either would be good; if $50k is unreasonable, then I’ll take $10k. Because the education payment system is broken, something should be done to address it, and until they fix the cost of education going way up, this is a good temporary fix.” – college graduate
“Not that 10k wouldn’t help, but the full 50k would absolutely change my life.” – undergraduate student, $50,000 in debt
“Anything would help to be honest, the more the better. But also maybe just cap how much people are allowed to charge for college. That way we will have less debt.” – undergraduate student, $15,000 in debt
“It would personally benefit me, but I don’t think it’s the right decision for the economic stability of the country.” – college graduate, $34,000 in debt
“If Biden is trying to leave any meaningful, positive impact on the US citizens and the economy, his only option is to forgive $50,000 in student debt. Even if the precedent he’s looking for to give the green light on it wasn’t already set (which it has), he still should have already set it into motion, as a start.” – Trevor McVickar, undergraduate student
As of 2017, the average student loan debt in Pennsylvania is $36,854 — over $4,000 more than the national average, according to The Institute for College Access and Success. Paying off student debt can take decades, handicapping millions of college graduates already facing one of the most competitive job markets since the Great Depression. These students encapsulate just a small sample size of those afflicted, but already show overwhelming support for government relief. For many, this issue could be the make-or-break factor of the entire Biden administration. There are clearly many pressing issues facing the nation now, but the sheer size of one problem does not minimize the importance of another. Regardless of the final decision, the clock is ticking for Joe Biden and the Democratic party to provide some relief.
Matthew Shimkonis is a second-year History major with a minor in Journalism. MS925373@wcupa.edu