Biden’s Student Debt Forgiveness Promise Bombed Out: The President's Pledge Falls Short

At the beginning of the semester, I said I was focusing more on local politics: Lincoln-based news and Union College centered stories. While this article is related to the rest of the United States, as students of higher education, this issue pertains to us as well. So I consider President Biden’s rejection of the student debt forgiveness plan a Union College matter.

During his presidential campaign, President Biden pledged to his base that he would address and handle the student debt situation. In a press statement he said, “An ocean of student loan debt is holding back 43 million borrowers and disproportionately weighing down Black and Brown Americans. Cancelling $50,000 in federal student loan debt will help close the racial wealth gap, benefit the 40% of borrowers who do not have a college degree, and help stimulate the economy.” President Biden is now rolling back on his promises.

Originally, students were promised up to $50,000 in debt forgiveness. Despite fellow Democrats urging him to keep that number, he lowered the value down to $10,000 – an 80% reduction of what was promised to students. Americans still owe over $1.71 trillion in student loan debt. The $1 billion he cancelled is barely a drop in the bucket. 

President Biden also extended the pause for student loan payment and interest, a COVID-19 relief that was also renewed by the Trump administration. Student borrowers who took loans from the Feds can expect this to hold until October 2021 at the earliest but can expect this freeze to last longer.

Alexander Nesmith is a junior

communication major from

Calhoun, Ga.