It is graduation day, and you are finally happy to be done with high school education and move on to that next stage of education.  First year college students are going to pay between $10,900 and $35,650 depending on their respected university system. 

In 1965 a program was created called the “Federal Family Education Loan ” which guaranteed prospective students loans from banks and nonprofit organizations; since its inception colleges around the country have become more and more expensive by the year and making it harder and harder for young adults to afford to attend, thus the debt will continue to increase. 

According to statistics found by studentloanhero.com, the United States of America has $1.71 trillion in student loan debt.  Studentloanhero.com is a website to be used as a resource when trying to understand and payback student loans.  In 2019, the average student loan debt was about $28,800 which was a $400 increase from 2018. For many of us, college is the only step we have left in order to gain access to better job opportunities; taking out student loans has become inevitable for most.   These numbers were continuing to rise until 2020 when the world went through a pandemic that halted schools and businesses around the country.

Covid-19 a.k.a “Coronavirus” was a deadly pandemic that severely reduced student applicants from applying to colleges because many were unsure of how school would be during a lockdown.  Universities were changing courses to fit online and virtual platforms with the use of applications like zoom, webex, and canvas to help both students and professors better adapt to the situation without closing schools entirely. 

There was a silver lining to the pandemic when it comes to student loan debt.  Former President Donald Trump, had signed “The CARES Act” to help aid all americans.  This package sent out stimulus money to eligible americans but it also had sections dedicated to student loans.  The pandemic caused significant financial uncertainty so this bill put a halt on student loan payments as well as the interest that would be involved with the loans.  

Current President, Joe Biden, has created and passed his own $1.9 trillion Covid-19 relief package recently and a piece of this package will again be used to help aid and relieve financial stress from many students and former students across the country.  Keeping a promise he made while he was running for president, Biden has cancelled $1 billion of student loan debt; although a small percentage, at least the ball is now rolling.  The 72,000 student loans that have been cancelled have been students who have been hurt financially due to fraudulent or unfair practices by universities or the sudden closure of a college or university. 

What does this mean for current, former, and future students?  Bidens plan to eradicate student loan is a long game he plans to play throughout his entire term which is encouraging to some but also angers others.  

Having a plan is one thing but being able to execute it is another; Biden promised to have a plan for student loan forgiveness in his first 100 days and he delivered.  This process does not stop with one act of kindness but with consistent effort towards a problem.  It is much too early to try and judge this process but it seems to be off to a good start.