Anxiety Spreads Among Borrowers After Supreme Court Loan Repayment Decision
By Afifa Chaudry and Dr. Benjamin M. Drury
Addressing the issue of student debt is the issue of our generation. Trillions of dollars in broken promises of hopes and dreams associated with the completion of a degree in higher education were just shifted back to the shoulders of the borrowers away from the deep pockets of the United States government. The Biden administration has taken steps towards providing relief. The White House has gone to extreme lengths to inform the American people about the potential benefits for their community, but still resistance remains. In fact, the Biden Administration released a breakdown, by state, of the borrowers who will benefit from Biden’s student debt forgiveness plan, which has the potential to eliminate student debt for approximately 20 million borrowers. The plan prioritizes relief for Americans earning less than $75,000 per year, with around 90 percent of the expected relief targeted towards this income bracket. Last August, the administration announced forgiveness plans for federal borrowers, including up to $10,000 for individuals earning less than $125,000 and up to $20,000 for those who meet the income criteria and received a Pell Grant during college. These measures aimed to alleviate the burden for borrowers with various income levels and provide targeted assistance to…
