Opinion | I talked to student loan borrowers who are terrified of payments restarting soon. Biden must give them an escape from an impossible situation by wiping their slate clean.
With student loan repayment resumption hovering in the near future , borrowers are set to be right back in the crushing financial situation they were in before the pandemic.
There's an easy solution: President Joe Biden's administration could either refreeze the repayment schedule or wipe the debt out by executive action. It's not only the right thing to do, it would also be a politically brilliant win for his administration. Most students enter into their loans without a clear understanding of what they entail.
"If you borrow money freshman year to pay for tuition, but don't start repaying until a year after college, that's almost five years of accrued interest before repayment starts which is money that needs to be paid back," Pearkes told me.The interest keeps accumulating as students enter the job market.
Things are even harder for those who attended school but had to leave early, without a degree. Danielle Cross, who attended the Art Institute of Pittsburgh online, told me that once she was cut off from financial aid after her first year, continuing school became impossible. She still owed money, though, and has worked to try to pay it off since — to little avail.
But as of January 31, 2022 that pause is over. Repayments will restart and interest will once again begin to accrue on the debts. For a growing number of lawmakers, that's unacceptable — and the fact that Senate Majority Leader Chuck Schumer, a pure political weathervane, is at the forefront of the charge to forgive the debt is a clear sign that the winds have shifted.
Biden's waffling on the matter is frustrating, public school special education teacher Nathan Melby told me. Melby, who still owes around $50,000 for his MA in special education, said he feels"abandoned by Joe Biden and his garbage promises that he cared about student loan debt." He's not alone.
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