College students face student debt all the time and it can cause serious issues in the long run as they are going into the real world. The average student has about $28,950 to $32,731 in debt. One percent in 60 adults still have student debt, and it can take up to 10 to 30 years to fully pay it off.

The difficulty with paying it off is low fixed interest rates. As interest rises for all loans, student loans typically rise too. It causes students to have a harder time borrowing money at a high price, rather than if the interest rate goes lower. It can also cause low-income students to think twice about going to college because of the debt they might suffer afterward. Student debt has increased by 14% per year from 2007-2009 and through recent years it has increased by 70% in 2019. The money in student debt is higher than the money in car loans/debt. In America, 1.75 trillion dollars has been spread throughout the US with an average of 37,358 per borrower. Biden is trying to plan this Student Debt Forgiveness Plan because he wants to relieve the student from 20,000 dollars.

“It causes massive debt,” principal Tim Youngblood said. “But once you shake some of that away, I think it’s great.”

This affects taxpayers and poor incomes for the labor market. People are alienable from this plan if they get paid under 125 and 250 if you are a couple. and they can be approved of having their loans discharged after 10 years in this plan, about 26 million students have already applied and about 16 million people have been approved.

“The program was mainly directed to the middle class and working-class individuals to help them. This could also help economic issues, “It’s a good idea because it’s beneficial to students,” sophomore Ja’Naiya Holman said.

Bad credit scores also play part in what you can’t buy like houses, cars, etc because it is part of your credit report and the length of the history. This causes about 85% of students to still live with their parents even after their debt is paid off.

While some people like this plan, others think that it’s unconstitutional and unfair. Biden is waiting on the student forgiveness plan to be fully addressed, Student borrowers may have to start borrowing again. The federal government is planning to cancel or put this plan on pause until further notice on Nov. 14th.