President Student Debt Removal

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Aaron Esquer Ocegueda, OwlFeed News Reporter

President Joe Biden has started a campaign to relieve students from college debt. As of August 25, 2022, news broke from the White House that President Biden has decided to help alleviate student debt upwards to as much as 20,000 dollars and help many get a good start in financial aid.

The idea was to use government funds and tax dollars to pay off student loans, potentially up to $23 billion for all American citizens. Giving students the ¨OK¨ to go to college arouses questions and problems among past, present, and future college applicants. The issues that arise are the people in the past who have been responsible to pay off their debt. Some might say that they were robbed of a good opportunity and also might provoke protest against this campaign.

People also wonder if they are eligible for the student debt forgiveness program. The program will only accept single borrowers who make less than 125,000 dollars a year or households that earn less than 250,000 dollars, according to The Washington Post. This gives people now and in the future the opportunity to go to college worry-free. However,  some worry if the program will reward troublemakers or people who don’t deserve it. However, that kind of spectrum is limited to a large population of people who try to earn a way of living through a gateway of education.

Yet another issue arises for people who have not paid off their student debt. Some are saying it is the debtor’s fault for not paying off their debt. The reasons listed mention that all the career choices afterward should have helped pay off their loans. On the other hand, some people find it hard to find jobs even with a college degree to even begin this process.

In other financial debt situations, there is usually a process. People would normally go through a bankruptcy process, where lenders and debtors can both fail and put people in more debt which hurts them in the future. Some people see the campaign as good but what about those without student debt but need the money? Citizens are now seeing this matter as unfair to the elderly with medical debt and others with some other kind of legal debt. Still, the matter helps those in need. The question is if this is really the best thing to do for our American citizens.