On Wednesday, President Biden made the announcement that he would like to pass a grant that forgives student loans. During President Biden’s speech he mentioned the importance of education. Also, the price of college education is expensive for the people of this country. He believes that this cancellation of the loans will inspire more people to get further education. This concept was promised in Biden’s campaign back in 2020.
So who is eligible? This loan forgiveness is directed for low-middle income individuals. To qualify for forgiven loans the individual has to make less than $125,000 dollars a year. Those who qualify will get $10,000 back in relief. Is there a way I can get more money forgiven? With pell grants participants for this could get up to $20,000. Pell grants are federal grants. They target minority races.
Those from the left think that his grant money for student loans are not enough. Others say that this is a temporary solution and clearly can not solve this issue. In my opinion, these forgiven student loans are not going to solve the problem overall. I think Biden should work on lowering inflation. Due to the fact that forgiving the student loans could cause the opposite for this country.
Do you think student loan forgiveness is a good idea, why or why not?
https://www.cnn.com/2022/08/24/politics/student-loans-joe-biden-white-house/index.html
https://fortune.com/2022/08/25/who-qualifies-for-bidens-student-loan-forgiveness/
Replies
Great topic choice Ava! You summary is well written but I do think it could be longer. Also be sure to comment back a few times.
I agree with your belief on lowering inflation. When Biden first made this concept, inflation was not as out of control as it it now. Many people had to work hard to pay off their student loan, its not very fair for those who had paid thousands of dollars already. Taxes will get more expensive with this. Which means the everyday cost of living will continue going up.
I think it is a horrible idea. America is in over $26 trillion in debt. There is no reason to put us in even more debt for student loans. This is just going to make everyones taxes a lot higher and no one wants that. Inflation will go through the roof and people arent going to want to pay that.
I think this can be both a good and a bad thing. It would be amazing for students to move on from college without a massive amount of money that they will eventually have to pay off. But on the other hand, not having this, pushes those to go out and get a job and work for their future, instead of having it handed to them. I know someone who put themselves through college with absolutley zero help from their parents. They used student loans, grants, and worked all the time. They see it as a good thing that they had to work to pay off loans because it forced them to get a step ahead on their future and prepared them. I'm personally stuck in the middle because I can see both the good and bad.
I think that it is a good idea, people who are drowning in debt can get some relief, like my sister who not only is in college but will be going into nursing school, which is very expensive so even just a grand is very reliving.
Yes, I think it is a good idea. I also think that stopping inflation is a far more pressing matter and one that should be solved immediately. I understand that we can't stop inflation right away, but it definitely seems like the major priority for the time being. With the prices of everything else going down people will have more money for school, and other daily needs. But I also think that the prices of college and other schools should be dropped.
I personally don't think that this loan forgivness is a good idea. Especially considering most that go to college don't end up working as what they went to college for. I do agree that Biden has way bigger things on his plate than just college loans amd should be worrying about them than procrastinating.
I think that student loan forgiveness is a good and bad idea. A lot of people decide not to go to college since they cant pay the outragouse amount of money college takes. It would help them to pay of a loan and get a degree. However, if we did student loan forgiveness it would be unfair and cause a lot of debate. The only ones who could possible get there loan forgiven is low-middle income individuales. I am on the fence weather it is a good or bad idea.
I think that they should give back the student loan money. We are already in a ton of dept and if they already paided for it why give it back. When dose it stop do they stop for 50 years ago or 60 years ago when do they deiced when they start giving them back. I think that is how most colleges make their money to pay their teachers and keep their schools up to date. I think loan forgivness in not ok and it like handing free cash back out.
I think forgiving student loans is a good idea. Students should not have to pay a massive amount of money just to get an education. Some people are drowning in student debt for all of their life with no way out of it. It would be help millions of people to forgive $10,000 from their debt. Although, forgiving this should mainly just be a temporary thing until inflation is back under control and a more long term idea is put into action.
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