What Joe Biden’s historic win means for students
Carlos Miguel Perez
So, Joe Biden won — but what exactly does it mean for students? Well, the fate of the student loan crisis. Rumor has it that Uncle Joe could make it one of his first acts of legislation but not without an uphill battle on capitol hill.
Graduates are struggling to make payments during the pandemic and students are borrowing more than ever. Joe Biden’s plans could make it easier for students and help bolster the economy, but opponents of the idea are convinced that such action won’t help.
Joe Biden’s plan includes free two-year community college, a reminiscence of proposed legislation in 2015 from the Obama administration. The Biden camp saying, “They are a proven, high-quality tool for providing hard-working Americans access to education and skills and a pathway to the middle class.” While citing a study from Georgetown University that shows data estimating thirty million U.S. jobs with a median income of $55,000; something the administration plans to encourage low income earners to take advantage of.
President-Elect Biden, during his campaign, had stated that he would eliminate $10,000 of student loan debt to all borrowers and make tuition free for those who made less than $125,000 a year. Biden plans on doubling the amount of Pell grants given to low income and middle-class students. His plan would also supply funding for high schools to implement programs that would help student “get their degrees and credentials faster”
Biden also plans to implement a payment plan that withholds five percent of income from those who make $25,000 or more per year. Those who make less would not be required to make payments. All loans would be forgiven after 20 years for those who made the estimated payments.
Those who are willing to work their loans off will be allotted the opportunity for debt relief through volunteer community service. The plan will forgive $10,000 each year, for five years.
The biggest supporters of this plan? Student borrowers. A study done by surveyors asking 1,000 students what they thought about Joe Biden’s student relief plan said, “An overwhelming 82.4% of borrowers either “strongly support” (56.7%) or “somewhat support” (25.7%) Joe Biden’s plan of making public colleges and universities free for those whose household income is under $125,000.”
Senior student, Uriah Bradley, will soon be walking the virtual stage this semester, as he finishes college with student loans that he will soon need to pay back. He says that he absolutely loves the plan and hopes it gets implemented soon, “It allows me to put my money to something more beneficial.” said Bradley, but he was critical about the repayment plan for graduate borrowers stating, “I’d rather have complete forgiveness”
The conservative opposition of the idea aren’t too thrilled. Betsy Devos, the acting education secretary, has called the Biden plan a “socialist takeover of higher education” The Republican stance on the proposal? It’s expensive, it won’t help the economy, and it’s simply not fair to those who have already cleared their loans.
The plan itself would cost an estimated 400 billion dollars and wouldn’t necessarily put money in people’s pockets and for that reason the economy wouldn’t see any benefits of the plan immediately. Republicans also argue that it isn’t fair to those who have paid off they’re loans, as they simply didn’t attend school at the right time.
Isaiah Auten, a new college graduate from UNLV, agrees. “Nothing is really free” said Auten, “Where is the money going to come from and how could you raise taxes during a pandemic? it’s just not a good idea right now.”
Some on the left say the plan doesn’t go far enough.
Progressives Chuck Schumer and Elizabeth Warren have urged Biden to adopt a plan they unveiled in September forgiving up to $50,000 in student loan debt. They also have told reporters that it is within a Presidents legal ability to cancel student debt through an executive order bypassing congress.
Ultimately, the survival of the Biden student debt plan is reliant on the results of January’s Georgia runoffs, two special elections that will determine the majority in the senate. If Democrats can net two of those seats, they will hold a majority that can pave the way for the plan’s implementation and likely the most progressive congress in the past 50 years. For now, students are left with an uncertainty as they will be entering a badly hit job market. What they do know is action is needed — now.
Informational Links
https://www.joebiden.com/beyondhs/
https://www.nerdwallet.com/article/loans/student-loans/joe-biden-student-loans
