Now. Y'all know I was READY to discuss this once his team started to come out and discuss this amazing change for student loan debt. In Part Two, the "HE" in this scenario is President Joe Bidden. Also, let's discuss this thought of "If I went through hell, then these kids have to as well...except my kid"
Alrighty. So, boom. Let's break this thing down, shall we? President Joe Biden began rolling out the actual possibility of student loan cancelation, as well as extend the pause on student loan debt, on Tuesday 23 August 2022. When this began to circulate, immediately his administration began to catch backlash from critics, stating that this is not the right way to relieve millions of Americans from Student Loan Debt. The first argument that comes up is that this should be a congressional action. We've already seen that they can't discuss this in the chambers, so that's a dead end. We've covered their attempt of discussing that early on in our blog post, so we can state that this is action that was not expected, and President Biden was pressured to own up to some degree of his campaign progress.
Before this, what has he done so far?
"The Education Department wiped out $4 billion in student debt this week for over 200,000 borrowers. It was the second time the Biden administration eliminated student loans; they also forgave $6 billion June, and extended a pandemic-era moratorium on student loan payments that began in March 2020.
To the progressive camp, this is nowhere near enough. They have been pushing for full cancelation—of all student loans. "I still haven't heard a reason against student debt cancelation that isn't rooted in cruelty," tweeted progressive congressional candidate Nina Turner, expressing a view commonly expressed by progressives like Senator Bernie Sanders, Congresswoman Alexandria Ocasio-Cortez, and Senator Elizabeth Warren" (Stallworth, 2022).
Who will be affected by Biden's plan?
- Up to $20,000.00 of debt cancellation for Pell Grant Recipients
- Up to $10,000.00 of debt cancellation for Non Pell Grant Recipients
- All Relief to single households who make under $125,000.00, and families who has a combined income under $250,000.00
- Payments on Student Loan Debt paused until 12/31/2022. This is to give time for the systems to update, citizens to complete the forthcoming application, ect.
He Came. He Tried. He gave something (very little I might add) slight to make us happy. $10,000.00 will simply cover interest and a meal at Chick Fil-a, as far as I'm concerned. It doesn't address the principal balance that could actually assist families. A for effort, C- for execution. He did this because it was time to own up on his campaign promise. Biden tip-toed on the issue because he tries to keep it away from politics. After the 2016 election, everything is political. The blowback he's receiving from the Democratic party is justified. The minimum they wanted was $50,000.00. That creates a significant impact for millions of people. The criticism he's receiving from the Republican party is just hysterical. They sound like a company who is mad because they have to pay their employees fair wages.
There are two arguments that disgust me the most, so far, when it comes to this topic. Everyone is entitled to their opinions, but I think it is essential for someone who has experienced almost every aspect of student loan debt to be honest. To state that there's a group of people who disagree with this action because it's directly assisting recent students who have graduated, as well as people who are CURRENTLY paying on their loans should not have any degree of assistance with paying their student loan debt because they paid theirs off is...telling. Selfish. Arrogant, honestly. I'm sure that the group of people who feel like this are the same group of people who are actually able to send their child to the best school, then let them come home after college and live with them (paying minimal bills) while working an entry level job until their student loans are paid off. For those people who were blessed with that route, I simply say you should humble yourself. I graduated from college in 2013, and was unable to obtain a job that would actually provide stability until 2016. So, in my opinion, making these statements is a slap to the face to the men and women who became highly educated in their field only to be trumped at job interview for a candidate that "fits the company better". This is what I was told before, in 2015, so please do not dismiss me sharing my experience simply because you did not. I am a Black Woman. Sadly, I will always experience a different path than my coThe second argument is something that I would consider semi-valid. I'm not the biggest fan of this perspective, but I do consider it one that needs to be discussed. I do not agree with the statement that The President should not take these kinds of actions to address student loan debt because canceling the actual repayment from clients to the third parties such as Great Lakes, Navient, then The Government, would have a direct hit on the economy. That statement literally shows how the Government, and major contractors that manage student loans, including some banks, are dependent on consistently taxing a class (minorities are affected in higher numbers) in order to hold money, power, and education over another. Honestly, that sounds like a Presidential problem. It was a statement made in order to enrich the citizens who experienced hardship during these past two years. We have the receipts. President Trump was able to enact the 2018 Tax Cut, and to this day I'm unable to write off projects that rose the property value of my home. As my grandma would say, this is the pot calling the kettle black. Arguments from Left-Wing Trickle-Down Economics to causing a slow down of the U.S. Economy is always telling because you see how there are people who dismiss common sense to validate their point. I do not believe that this action will cause a major dent in economy because I do not believe that forgiving at a minimum $10,000.00 per person will create a debt that would "force" congress to raise taxes to cover the delinquency. If that was the case, then they could easily utilize Elizabeth Warren's plan to ensure that the middle class is not impacted by those tax increases. I could blink twice and take a decent nap, next thing I know the interest I thought would be long gone comes back like an ex-boyfriend (or ex-girlfiend) you tried to avoid at Homecoming.
In conclusion, A for effort. C- for execution. Let's see if how this is going to change after the midterm election. Technically, the bill is still in Congress. It could move, if someone actually tried. I'll always encourage friends and colleagues to vote for your local and state seats. Those people directly affect you. I will always try to give the most up to date information for the State of Maryland.