Biden’s Student Loan Plan is Not Enough

SERENA LIN (Editor in Chief), DONALD DUONG (Staff Writer)

President Joe Biden is in favor of cancelling $10,000 in student loans for all borrowers, as well as an extension for student loan payments until Sept. 30, 2021. However, he has repudiated the idea of cancelling $50,000 for borrowers, as some prominent Democrats (such as Elizabeth Warren and Chuck Schumer) have suggested. It is disillusioning to see that Biden did not take advantage of his opportunity to cancel more debt, especially since he has also expressed a desire to make students of private colleges, such as Harvard or Yale, exempt from debt forgiveness. 

According to CNN, Biden has said that he is not willing to forgive as much as $50,000 because he does not think he has the authority to do so. This is a concerning sign that he lacks the political will to help with any potential forgiveness proposal. However, as a president who has drawn students and younger voters to his platform partly through his forgiveness plans, it is a deplorable moment of betrayal for many of his supporters. His refusal to cancel more debt has made a huge impact on students, especially those who are out of work, experiencing other financial difficulties or simply struggling to pay for essentials like rent, groceries, health expenses and utility bills.

The fact that Biden plans to completely remove students of private colleges from debt forgiveness is inadequate. Students who attend private institutions are still victims of heavy student loans, just as students who attend public institutions. Denying an entire section of the student population debt forgiveness based on the simple fact that they chose to attend a different school is irrational and unfair.

Biden’s inadequate stance on student debt cancelation is a disappointment for his supporters as well as the Democratic party. For an official who has shamelessly used his platform to attract voters, it is a disenchanting decision that has let down his followers.