When you’re drowning in student loan debt, a lifeline matters.
When Joe Biden promised to cast off $20,000 of student debt for each borrower, millions of Americans dared to breathe easier. Imagine the relief! But in a time when promises seem to be made only to be broken, 87 congressional Democrats are holding Biden accountable.
In a blistering letter addressed to the President, lawmakers did not mince their words. They voiced their extreme disappointment at the Supreme Court’s ruling that struck down Biden’s debt relief initiative. As one can imagine, this wasn’t just any ordinary decision – it affected 43 million Americans awaiting that life-changing break.
Here’s the crux: Biden’s first plan could have wiped out student loan balances for a staggering 20 million people. The dream? Narrowing the racial wealth gap. We’re talking about half of all Latino borrowers and a quarter of Black borrowers. In a world post-COVID-19, such relief was not just financial – it was a chance for families to start anew. To build businesses, invest in homes, or even just save for a rainy day.
Yet, the clock is ticking. As we inch closer to September, student loan interests are about to kick back into gear. October will see repayments resuming. Biden’s “on-ramp” to ease borrowers back into repayments? Appreciated, but simply not enough, as the Democrats note. If the current trends are anything to go by, debt delinquencies and defaults might skyrocket once the repayments restart.
Recent findings from an intelligent.com survey are alarming. Nearly half of the borrowers aren’t sure they can meet the upcoming bills. Even more shockingly, 62% are contemplating boycotting the repayments. The consequences? Steep. But the frustration? Understandable.
These aren’t just statistics. Behind these numbers are real people, real dreams, and very real hardships.
Senate Majority Leader Chuck Schumer, Sens. Elizabeth Warren, Alex Padilla, Raphael Warnock, and a slew of other representatives have been pushing Biden to follow through. They’re echoing the collective scream of borrowers and advocacy organizations who’ve waited far too long.
Remember when Biden said, “Education should be a right, not a privilege”? Now’s his chance to act on it. For the sake of students and graduates, let’s hope he’s listening.