At long last, the Biden administration has taken a modest step on student debt relief. Biden announced yesterday a plan to forgive up to $10K in student debt (assuming you make less than $125K) and up to $20K if you received a Pell grant. It’s a start, right? Naturally, Republicans framed it as yet another government giveaway to the undeserving, which makes me think more highly of Biden, at least for a moment.
Why am I disappointed in Biden’s action? Let’s take a look at his own website and its promises on student debt relief:
So, Biden had promised “immediate cancellation” of a minimum of $10K, with no preconditions and no need to jump through paperwork hoops. That “immediate cancellation” still hasn’t come (you must still apply and wait for “relief”), and “immediate” took 18+ months, timed so as to win some positive feeling in this fall’s election cycle. So be it. Something is better than nothing, right?
But look at Biden’s second big promise. He was going to forgive all tuition-related student debt for many students, especially minority students. I’ll repeat that: all student debt. His latest announcement doesn’t come close to his own stated goal.
What people tell me is this: Too bad. The Republicans wouldn’t give students any relief whatsoever, so the Democrats deserve your vote because they gave $10K in relief. Be happy with that, shut up, and vote blue no matter who.
Color me unconvinced. Student debt in America sits at $1.7 to $1.9 trillion. Biden just canceled about $200 billion of that debt, or just over 10% of it. As I said, it’s a start, but it represents a half-measure at best when you compare it to Biden’s own stated promises and goals.
In the past, Senator Joe Biden helped to secure legislation that prevented student debt from being discharged during personal bankruptcies. So even if you go bankrupt (and the leading cause of bankruptcy in America is medical bills), you still owe all the money on your student debt. As far as I know, that hasn’t changed. Thanks for that too, Joe.
For the cost of the F-35 jet fighter over its lifetime, Joe Biden could cancel all student debt in America. Instead, he chose to nibble at the edges, canceling about 10% of it, while fully funding the F-35, new nuclear weapons, and announcing yet more military “aid” for Ukraine.
Is this really the best the Democrats can do on student debt relief? Is this the best our country can do? Say it ain’t so, Joe.