When the President Biden administration announced a plan to cancel up to $10,000 worth of student debt, I was hopeful but unsure it would happen. To my surprise the Federal Student Aid Office approved my application. The loan forgiveness program would help alleviate a $10,000 load of stress from my family and I.
Sadly, some things are just too good to be true. Anti-student loan forgiveness protesters went to the court system, and had the debt relief plan blocked for the present time being.
This past winter, a new altered plan was presented, but it did not propose as many benefits to as many people like the original plan did. The new plan would give back “credit” to those who have had loans in forbearance, or those who paused payment but incurred interest. The plan would also decrease the amount of payments needed to receive Public Service Loan Forgiveness, if you work a public/federal service job.
Even with the new plan for many Americans, it would still take multiple decades to pay back their loans and the incurred interest. Even so, with both plans, there are citizens who are fully against student loan forgiveness for one reason or another.
The most popular claim for those against student loan forgiveness states people with student loans, “chose the debt.” Yes, I did choose to take on this debt, but in my personal experience, it was my only option. I studied hard and saved my money to the best of my ability in high school, but my savings and awarded scholarships were still not enough.
Other anti-forgivers say to “just go to community college.” I could have received a cheaper education at a community college, but personally I wanted what some describe as “the full college experience.” I wanted to gain independence, meet new people and grow as a person overall which can be more challenging at community college. Unfortunately, for most young adults hoping to get away from their hometown and experience a traditional college lifestyle, they have to pay through the nose to get there. For many students, they face limited options and must get the money they need through loans, loans that should be forgiven. Students should not be punished for seeking out further education and utilizing federal financial aid and taking out loans to accomplish this.