It’s time to cancel student debt

President Joe Biden has announced that payments on federal student loans will be on pause until August 31. While this is a good move, it is time to push for all student debt to be forgiven.

With the announcement, the Biden Administration also said they will continue monitoring the economic impacts COVID-19 has had on borrowers and could allow people who have defaulted to have a fresh start, allowing them to continue payments in good standing.

Student loan borrowers currently owe a collective $1.75 trillion in student loans, according to the Education Data Initiative’s latest data posted this month. And 15% of borrowers under 40 are behind on their payments.

The problem of student loan debt goes on for decades for many borrowers, with 69.6% of borrowers between the ages of 25 and 50, according to the Initiative, with 35-year-olds holding the highest loan debt of about $42,600 per borrower.

Black students are also most likely to use federal student loans, with 49.4% borrowing. Black graduates are also 30% more likely to default on payments within 12 years of payment, according to the Education Data Initiative.

With inflation increasing the costs of living, and rising tuition costs, canceling student loan debt could help young and middle-aged borrowers get a handle on their economic situation and be better positioned to contribute to the U.S. economy. 

Canceling student loan debt could add $109 billion to the annual GDP over six years and lift 5.2 million people out of poverty, according to the Education Data Initiative.

Currently people can enroll in income-driven repayment programs, allowing people with federal student loans to help with the monthly costs of repayment based on income and family size. Most federal loans are eligible for one of the four plans available. While this program can help keep borrowers out of default or bankruptcy, it’s not enough. 

During his campaign, Biden said he would push for at least $10,000 of loan forgiveness per borrower. It’s time he made good on that pledge. 

Rising tuition and the impact student loan debt has on borrowers cannot be ignored any longer. It is time for widespread student loan forgiveness.

To learn more about the plans and eligibility, visit

Latest Stories

Related articles

First generation college students overcome unique obstacles

As a first-generation college student and an only child, my decision to go to college was not just for myself but also for my family. 

Sex Workers: Stepping Out of the Shadows: Online sex work and stripping prove safer than prostitution

Online sex work is not only a safer option for the worker but for the consumers as well who can request specialized services from the comfort of their own home, diminishing the threat of violence, sex trafficking, drugs and STDs.

The loneliness epidemic: A silent battle

An overwhelming feeling, a crushing weight in her chest, a persistent lump in her throat and the urge to cry for no apparent reason are the physical manifestations of loneliness that plagues Julia Tenan, a senior psychology and criminal justice minor at the University of Saint Joseph in Connecticut.

Students not supportive of TikTok ban

A recent informal survey found that 23 out of 25 University of La Verne students believe the bill that could ban TikTok in the U.S., which was signed into law this week by President Joe Biden, goes too far.