OPINION: Biden’s loan forgiveness program needs to be passed despite lawsuits
President Biden’s student loan forgiveness plan has been put on hold because of lawsuits including one filed on Oct. 10, 2022 from two students who do not qualify for debt relief, claiming the plan would do harm to themselves and others. The Supreme Court plans to hear oral arguments for this plan in February.
Biden’s student loan forgiveness plan should be passed despite these lawsuits. Without proper action, the next generation of college graduates could have more debt than they can pay off.
One large part of President Biden’s campaign promise was to cancel student loan debt. He announced on Aug. 25, 2022 that Americans who made less than $125,000 a year would earn up to $10,000 in student loan forgiveness, while pell grant recipients would receive $20,000, according to a report released on Jan. 20 by Saving For College.
U.S. District Court judge Mark Pittman vacated the federal debt relief program, calling it “unlawful” on Nov. 11, 2022. The lower court’s ruling left President Biden’s plan in a standstill.
Two plaintiffs backed by conservative advocacy group Job Creators Network Foundation are taking their case to the Supreme Court as well, claiming that forgiving student loans would harm those who don’t qualify for loan forgiveness. This is only one of several lawsuits brought to the Supreme Court, including those filed by 6 GOP-led states, according to an article released by MSNBC on Dec. 23.
One of the main arguments made by GOP-led states is that loan forgiveness is not fair to college students who have paid off their debt or didn’t attend college because of the high prices. House majority leader Kevin McCarthy is one of many Republicans who is against Biden’s student relief plan.
“Biden’s debt transfer scam will make inflation even worse and does nothing to stop the runaway cost of college for most families,” McCarthy said in an interview with The Hill on Nov. 11. “Americans cannot afford Democrats’ radical agenda.”
In reality, student loan cancellation will make it easier for households to manage their budgets and save for their future, according to an Aug. 23, 2022 article by Center for American Progress.
Florida’s own representative Matt Gaetz had received $482,321 in Paycheck Protection Program (PPP) loan forgiveness according to a financial disclosure report released on Aug. 16, 2021. The White House’s official twitter even released how much in PPP loan forgiveness Gaetz had received in a tweet. However, Gaetz is against loan forgiveness because he was against the “overeducated elites” being able to achieve a higher education.
Loan forgiveness would simply allow more Americans to achieve a higher education and live more comfortably. If affluent families that are privileged enough to not need assistance are upset they don’t qualify for the program, the problem isn’t the Student Debt Forgiveness – it’s the complete lack of self awareness outside of a silver bubble they were born into.
We are told that college is the key to a successful and fulfilling life as adults, and that it can help our future. The reality is that college is an option for those who take the risk to drown in endless debt for years without the promise of a career or degree or those who are rich enough to afford the high cost of tuition and come out with a job lined up, regardless of whether or not they fail.
President Biden’s temporary debt relief, while a small start, is essential to helping Americans and shouldn’t be thrown out because of lawsuits backed by nothing more than greed.