Student loans: No longer a vicious, never-ending cycle of debt

According to a White House press release on Aug. 24, 2022, President Biden has agreed to cancel up to $10,000 in student loan debt for those who fall in the low-to middle-income class.  


Student who receive a Pell Grant in their financial aid are eligible to cancel up to $20,000. A majority of the money will help those who make $75,000 a year or less. Those who make $125,000 or more are not eligible for forgiveness, considering they would be included in the top 5% of incomes in the U.S.  


President Biden said he acknowledges the fact that going to college is an accomplishment but unfortunately leaves most in thousands of dollars in debt.   


“In keeping with my campaign promise, my administration is announcing a plan to give working and middle-class families breathing room as they prepare to resume federal student loan payments in January 2023,” Biden said in a public statement. 


This decision made by the president was a direct result of the pandemic’s effect on the economy. The Biden Administration said they are promising to follow through with this act and strive to help any families affected by recent events.  


The three-step plan consists of targeting debt relief as a result of the pandemic, improving the efficiency of the student loan program, and aiding to protect future college students by lowering the price of attending a university. This plan was a part of Biden’s initial campaign commitment, holding him accountable for improving this system for as many students and families as possible.  


Students like junior Max Butler are both thankful, yet concerned, toward the new proposal.  


“I think that it’s a really great program, although like many other students probably do, I would prefer the cancellation of student loan debt in its entirety,” Butler said. “I am originally from Germany, where it costs my mom a couple hundred dollars per semester to attend a public university.” 


Most students attending four-year colleges are faced with the challenge of borrowing money in order to cover tuition and any other additional costs. This plan can be expected to take effect in January 2023, as previously stated by the president.