While millions of people celebrated Biden’s loan forgiveness announcement, millions of others expressed anger over the fact that this will not help their financial situation
The president announced that he will forgive up to $10,000 in student debt for borrowers earning under $125,000 per year annually or under $250,000 as a family. Pell Grant recipients, meanwhile, will be able to have up to $20,000 in debt relief.
She is a teacher who is still paying off her own student loan debt in her 40s and says this has the potential of eliminating the balance she owes. “What are we going to do to tackle the high cost of higher education going forward because we can't always rely on this kind of amazing announcement to come along so we are going to have to think about things longer term,” Zenzinger said.Others like Rep. Colin Larson, R-Jefferson County, see the announcement as a short-term solution that will only help a handful of Americans out without tackling the true issue of student debt.
“It does nothing to solve the long-term problem of increasing higher education costs, debt burdens on future generations, including kids in college today, and it does nothing to help, frankly, people like me who paid their student loans off a few years ago,” he said. It won’t add to the national debt because that is money the U.S. owes and student debt is not part of that, according to University of Denver finance professor Mac Clouse. However, Clouse says forgiving the debt will reduce the dollars received by the US government from those borrowers which will increase the US budget deficit and could lead to increased government borrowing.
U.S. Congressman Ed Perlmutter, however, disagrees with that assessment and says he believes the move will actually help the economy in the long run.
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