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Rachel Armstrong
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On August 24, 2022, President Joe Biden made a major announcement about existing student loans. The President fulfilled a promise made in his campaign in which he would provide student debt relief. Rather than all student loans being forgiven, there are requirements. If you make under $125,000 a year you will have $10,000 taken off of your debt, and if you make under $125,000 and have received a Pell grant you will have another $10,000 added to your relief making a total of $20,000 in relief for some. Biden stated in his speech that 43 million people who have taken out loans will benefit from this, and 20 million will have their debt fully canceled. The Department of Education guesses that almost 90% of relief money will go to those making under $75,000 a year. This decision has gotten a wide variety of feedback, some being good and others negative. It is no secret that college is expensive, and many argue that when you sign up you know the cost, therefore you should have to pay it. President Biden states that a 12-year education is not enough anymore and this relief is about providing an opportunity for all. Mr. President says “That’s what today’s announcement is about. It’s about the opportunity. It’s about giving people a fair shot. It’s about the one word America can be defined by: possibilities. It’s all about providing possibilities.”
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