Student Debt Forgiveness
Biden Believes the Supreme Court Made a Mistake
Millions of Americans, holding on to the hope of student debt forgiveness. As many of them have thousands of dollars waved by the federal government. This hope is now starting to feel like a recent memory and no longer a reality.
This Year in the Supreme Court
With a year of ups and downs the U.S. Supreme Court has made yet another controversial decision. Earlier this year many Americans have felt that the Supreme court is over stepping in their power. Just over a year ago the Supreme court overturned historic Roe v Wade, making it legal for individual states to vote against abortions. While just a few weeks ago the courts voted against Affirmative Action that has been in place for years. In more recent events the Supreme Court has struck down the plan for student loan forgiveness that was announced by the Biden administration, President Biden has stated;
“I believe the Supreme Courts decision to strike-down my student debt relief program was a mistake…”
What is Student Debt Forgiveness?
Since August of 2022 the U.S. has been in a battle of finances. With students all over the country leaving their place of study with a mountain of debt that looks like it will take a lifetime to climb. Knowing that a large number of Americans live in a world where student loans are a part of their daily lives, there is a chance that they could be paying back this money for years. Many Americans whom wish to peruse a higher education find them selves signing up for an average of $19,020 per year, per student.
Again on August 24th of 2022 the Biden administration announced an opportunity for over 40 million Americans to apply for student debt forgiveness. In just the last year 26 million people applied for the chance to have up to $20,000 in student loans wiped away in an attempt to lift their burdens.
Something of this scale could have redefined a landscape of higher education, with the total cost of tuition tripling since 1980. here has been a very high anticipation to hear what the supreme court will have to say on the matter.
The Decision
The decision, going 6-3 against the plan of 10,000 dollars per borrower and up to 20,000 in other cases. Among this choice president Biden has said that he is “angry” and that he will do everything in his power to get forgiveness to those who need it. This direction from the president he will be using some existing laws to still try and get the debt forgiveness that is needed. The Higher Education Act, this was a law passed in 1965 and allowed for the government to provide more resources for higher education, or people in post secondary school. Among these resources was the release of federal aid in the form of money, both loans and grants.
Who is Affected?
This decision affects more than 40 million Americans, with many conservative states believing that the president was overstepping his position and was leading to an extension of his greater authority. However, even with the courts agreeing with that sentiment, the president stated;
“I know there are Americans in this country who feel disappointed and discouraged or even a little bit angry. I must admit I do too”.
The importance of this ruling lies in who is affected, with 1 and every 6 U.S. adults are found to have some form of student loans, with the average amount being a bit over 17,000 USD. With this even students who have had their loans go into default, the opportunity to be helped out of the hole that was dug by the desire for higher education has now been taken away. With President Biden making claims that he will keep pushing for such an action, there is still a glimmer of hope.
With a rise in new voters in the U.S . there is a surge in the younger generation or Gen Z pushing for the action of debt forgiveness. With many students believing that the root of the issue is more than paying back so much money, but more of a criticism of the University system as a whole. Many of the younger Americans wish to see an overhaul of the U.S. University system, with hopes that the desire for higher education is more than just a dream, but a reality.
From: Ashtin Francis
