When talking abo
When talking about student loan debt and some solutions to decreasing the amount of debt that students go into after graduation, we must look at President Biden’s student loan forgiveness. In August 2022, President Biden announced that he was forgiving up to $20,000 in student loans for all Americans that qualified. This caused many students to fill out the application in hopes of minimizing their student debt. However, these dreams were slowly put on pause when debate came up about the cost, legality, and if this bill was fair to everyone else who wasn’t a student with an immense amount of debt. The biggest pushback came from the Republican Party. One of their biggest arguments was that student loan forgiveness would cost too much money. As Joey Garrison highlights in the article, Biden’s student loan forgiveness will cost the United States about $400 million. Garrison informs us of the general estimates the CBO has made based on data. They estimated that almost 90% of eligible students will most likely want their debt relieved, which is a lot of money. It’s interesting because the amount of money that the White House estimated it would cost was much less. This leads you to ask how much money this is going to cost and who will pay for it. That brings us to the second biggest argument the Republican Party brings up. They state that even though the debt will be relieved from one student, someone else will have to pay through taxes or in other ways. They feel that it isn’t fair for people who don’t have student loans because they chose not to take student loans to have to pay someone else’s student loans. The last argument the Republican Party has is the legality of all of this. Many people who are part of the Republican Party claim that a president has no right to pass something like this without getting approval from Congress first. They claim that President Biden did this in a way that wasn’t legal.
