Every college student can relate when it comes to paying off student loans. Not everybody has a family that can afford their education. Some have to work several jobs to keep with the payments. It is not an easy thing to deal with at all. Especially when you do not have the money upfront, you tend to feel helpless and go to loan borrowers. You tend to regret it because it is like having a ball and chain around your ankle. You are stuck paying back those loans forever, and it can be a huge burden financially if you do not have it under control.
That is why when President Biden says he will take care of the student loan debt that is happening, people are relieved because it will be another load that will be off of our shoulders. But if we get the government to pay off our school debt, does that mean more taxes for us? According to the article, have you benefited from student relief? The article explains the situation in detail.
“Cancellation of debt (COD) income tax basics. The general federal income tax rule states that a taxpayer’s gross income includes cancellation of debt (COD) income unless a statutory exception applies.”(February 19, 2022; Havan News)
Yes, it is exciting to see them actually doing something when it comes to the payments per month, but are we still paying for it just in a different way? This is a prime example of the universities getting their money any way they can. This is unfair since they use people’s insecurities on seeking a career by having a price tag with the degree. When they get a dose of reality, more people get stuck in the trap and end up giving a large portion of their money to the universities. According to the U.S. News, it gives us an insight into how much parents are willing to pay for school.
“According to the recent 2021 Fidelity Investments survey College Savings & Student Debt, 38% of high school students and 1 in 4 parents believe the total cost of attendance for one year of college equates to $5,000 or less. This number is far below what they’re likely to pay at public and private four-year colleges.”(Sept. 13, 2021,; u.s. news)
Do you see how ridiculous that sounds? People are willing to go above and beyond to pay for an education. Some people can use their degrees for the careers they want, while others find that difficult to do so. Do you think the universities still care when you’re struggling financially and career-wise? No, so when Joe Biden says he will take a handle on student loans, let’s say we were expecting him to come through. On March 22, President Biden responded to the people’s concerns on changes he said he will do.
“No bill should pass without immediate, generous relief for workers who are losing jobs and hours, small businesses losing revenue, and communities facing emergency needs.”(December 7, 2021; NPR)
“Additionally, we should forgive a minimum of $10,000/person of federal student loans, as proposed by Senator Warren and colleagues. People and other student debt holders bore the brunt of the last crisis. It shouldn’t happen again.”(December 7, 2021; NPR)
Even though Biden has provided hundreds of thousands of borrowers for debt relief, he has still failed to fulfill the 10,000 he has promised, which is unacceptable. Understandably, he has a lot on his plate, and it can be hard to keep up with most of his responsibilities. But he is still the president and has to come through for his country. We are so far behind as a nation. The United States needs a makeover when it comes to helping people survive this pandemic. There are so many areas that need fixing as a whole, and President Biden still has to prove to us that we made the right choice. It is one thing to talk about it, but it’s another to be about it.
Author’s Bio
My name is Brianna Sunshine Gray and I am a Bostonian who has a passion for telling stories that affect the community. With experience in addressing issues within my own personal blog, I make sure I have people on the edge of my seats. Hopefully you guys enjoy my content as much as I enjoy writing