Student Borrowers Face Debt Crisis After Court’s Ruling; Congress and Biden Urged to Take Action

The recent Supreme Court ruling on student-loan forgiveness cannot be the final say on this critical issue of student debts. It is now the duty of Congress and President Biden to address this injustice faced by student borrowers and tackle the student debt crisis head-on.

With approximately 60% of jobs in our economy requiring some form of higher education, many students find themselves with little choice but to take on significant student debt.  (Photo: Blog Spot UK)

Student Borrowers Face Debt Crisis After Court’s Ruling

According to a published article in Miami Herald, the rejected loan-forgiveness plan serves as a reminder of the deep-rooted systemic inequities that hinder success, making it an urgent call for immediate action for student borrowers.

In a country that preaches to children from a young age that college is the path to success, and where we encourage first-generation students that pursuing higher education will uplift their families out of poverty, it is absurd that we then burden young adults and student borrowers with hundreds of thousands of dollars in debt that could follow them throughout their lives.

With approximately 60% of jobs in our economy requiring some form of higher education, many students find themselves with little choice but to take on significant student debt.

Moreover, Black student borrowers bear an even greater debt burden due to systemic barriers and limited access to generational wealth. The ongoing student-debt crisis exacerbates existing inequalities and reinforces a system that favors a privileged few while hindering the progress of Black students.

The consequences are lasting, with people in their 60s and 70s still struggling to repay their loans, sometimes even seeing the principal remain unchanged.

READ ALSO: Student Loan Debt In 2023 Analysis: DMV Regions Among Top In US, Exceeding $1.64 Trillion Nationally

Biden’s Plan for Student Borrowers

President Biden took a bold step toward addressing the student crisis by forgiving $10,000 for most student borrowers and $20,000 for others.

However, some Republicans voiced their opposition. While President Biden’s SAVE Program and recent loan forgiveness initiatives are commendable, the concern remains about future student borrowers, such as the classes of 2024 and beyond.

What options will they have to manage the cost of college and loans?

To address these pressing issues, the Lowering Obstacles to Achievement Now Act has been proposed, aiming to double the Pell Grant, improve loan forgiveness, reduce expenses, and lower interest rates. These reforms seek to tackle the root causes of the student-debt crisis, enabling our promising young Americans to reach their full potential unburdened by debt.

READ ALSO: Cancellation Of Student Debt Relief Plan Left Rep. Frost To Urge Biden In Granting Loan Relief