The Young Democrat
Written by Mason A. Grubesic
President Joe Biden has announced that he is canceling another 7.4 billion dollars of student debt, for almost 300,000 Americans. This most recent round of debt cancellation adds to the total 153 billion dollars the administration has already canceled. At the same time, Biden announced a new proposal that will target four million Americans for full cancellation, eliminate interest on payments for 23 million people, and take away five thousand dollars of debt for another 10 million (BBC). The newest round of relief will continue to chip away at the roughly 1.7 trillion dollars of student loan debt outstanding before Biden took office (EducationData.org). The President has done a lot to fulfill his campaign promise to eliminate student debt but has been slowed by court challenges and constitutional concerns. It remains to be seen how much further the administration will go but as indicated so far, it seems it will continue to relieve the debt of millions of Americans.
Locally, more than six thousand New Mexicans have gotten relief so far, with almost 300 million dollars of debt wiped out. This adds to last year’s 260 million dollars of relief for New Mexicans. Furthermore, the state government itself forgave 15 million dollars of debt for 1,300 of its citizens (KRQE). And one cannot forget the successful efforts made to make tuition free or very affordable for most New Mexicans who attend college in-state.
All of these efforts make life easier for Americans who go to or have gone to college and are in debt because of it. Paying off these debts means people can cover groceries, childcare, rents and mortgages, and anything else more easily. They also encourage those who worry about the costs associated with college to choose to enroll because they know that they might have access to student debt relief or free tuition. Expanding access to education and making it affordable will improve New Mexico’s lackluster education statistics and provide businesses with an educated workforce. Not having to pay off debt with an out of state job or better opportunities elsewhere, could keep young New Mexicans in the state and attract industries from tech to real estate. Debt relief will continue to define the Biden administration and could be a powerful motivator for voters this November. Most importantly, debt relief shows the contrast between the President and his opponents, who offer no solution to the country’s student debt balloon and actively seek to undermine or eliminate the efforts the President continues to make.
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