Three days after the call for the 2020 presidential race for Joe Biden, Democrats are already discussing the possibility of canceling or reducing student loan debt. Senatorial Minority Leader Chuck Schumer reiterated his support for a proposal to write off up to $ 50,000 in student debt in a recent interview, urging Biden to make the issue a priority in his first 100 days as as president.
Biden pledged to write off $ 10,000 in student debt as part of a coronavirus relief effort during his campaign, and has advocated for debt cancellation for public college or college students and historically black universities that earn up to $ 125,000. This decisive action seems justified, given that our national student loan debt currently stands at over $ 1.5 trillion (for context, that’s almost 20 times what the United States spends. each year for primary and secondary education).
As the student debt crisis continues to hamper future plans and the daily lives of millions of Americans, Vogue spoke to seven young people about how different levels of student debt relief would have a big impact on their lives, and what those lives could look like without the looming threat of bad loans hanging over them.
Alicia, 23: At this point, I will pay off my student loan debt until about age 45, but I accepted it. Everyone is in student loan debt and the whole process is predatory, so why should I feel bad about paying the minimum? I just don’t see the point in scrambling to pay. At this rate, I’ll never be able to buy a house anyway, so what’s the point of having good credit? If I had no loans to repay, I would travel, “stimulate the economy” and live in a nicer apartment. [laughs].
Cassie, 27: Any debt relief that would be meaningful to me would have to start at $ 30,000 and include private debt, with the highest interest rate, and without any income-based repayment options. Programs that only target federal debt leave too many people out and ignore that what is often so overwhelming about student debt is interest rates combined with monthly payment amounts. Private loan companies will never help you without recording interest. A major reduction or elimination of my private student loans (and my federal loans as well, if that was ever on the table) would mean life relief from paycheck to paycheck. That, in turn, would put all kinds of things on the table for my partner and I like having a kid, pursuing long term creative and professional goals, not panicking every time the car needs a little bit. work, and, most importantly, being able to share more wealth and resources in our communities.