Biden announced during his presidential campaign that he would cancel more than $10,000 in student loan debt. So far, the US Department for Education has managed to balance $1.5 billion, making up 92,000 American students exempted from paying student loans. It has happened under the Biden Administration as of July 2021. The Biden Administration promised the student borrowers who did not get their money’s worth in the selected educational institute that their loans will be forgiven if they fulfill the criteria.
The Administration has also specified the institutions that failed to deliver the standard of education they promised, and the debts of student borrowers from these institutions were erased. The US Secretary of Education has also expressed empathy for student debtors, stating that the agency will not allow them to be taken advantage of by universities that make false claims about its standards.
Although the government has set standards for availing the debt exemption, it is essential for the students getting their money’s worth to apply carefully as all applications going forward will be reviewed by the Administration. But is canceling student debt a long-term solution to the issue? For years now, high schools have been feeding students with a mindset of entering college, or they won’t be able to make it in life. Millions of students end up taking loans from the government and private organizations ending in millions of dollars worth of debt, putting them under a lot of pressure and in a loop of indebtedness.
The Democrats, instead of addressing the real problem and coming up with a long-term solution, are just paying off the debts. The federal government has been providing student loans without specific standards. Many students enroll in colleges where they don’t get any reliable information to ensure their high-paying jobs in the future. Instead, they keep on increasing tuition. The high schools need to stop telling the students that they need to enter college to make money, and the Democrats need to address the issue at the grassroots level rather than pay off the debt using the tax money they have constantly pestered upon.