Joan Contreras Draft

Topic: College Debt 

Approximately 13% of Americans have student debt, which might not seem like much, but when considering that this translates to over 40 million individuals and over $1.70 trillion owed as of 2023, the scale of the issue is apparent. This representation can shift one’s perspective on the true severity of the problem realizing the magnitude of the issue it’s no wonder why lawmakers and other parties have been attempting to reform it over the years, with various approaches and tactics each having their own effects. The issue of college debt in the United States demands immediate and ongoing attention and reform, that should be approached with care and empathy. Its impact extends beyond individuals it also affects our country’s financial health and is makes it harder for people to succeed.

Critics have raised concerns about how the administration’s actions on loan forgiveness for defrauded students and its collaboration with government agencies could be negatively impacting student borrowers. Also various proposals that were made in Congress are seeking to address student debt created debates over their effectiveness and impacts on individual borrowers, particularly low-income students. This is shown In the article published in 2018 titled “Will repayment rules grow stricter?”by Natalia Gurevich , which put emphasis on the evident problem ,as shes highlighting the urgency for resolution. she includes Education Secretary Betsy DeVos’s policy changes and their potential financial burdens on defrauded students. Debates over proposed solutions, like cuts to programs such as Public Service Loan Forgiveness, amplify worries about low-income borrowers managing debt effectively.

In the discussion about the student debt crisis in the article “College Debt Can the crisis be fixed?By:Lorna Collier”, recent events have disappointed borrowers. In June, the Supreme Court dealt a blow to the Biden administration’s student loan forgiveness plan announced in August 2022, leaving many borrowers without the relief they had anticipated. However, among all this setback, the administration introduced alternative measures aimed at easing the burden of student loans. These measures include a new income-driven repayment program and a commitment to forgive loans of $12,000 or less after 10 years of payments. Additionally, Congress has proposed various solutions to address the student debt crisis, affecting all Americans grappling with debt. These developments underscore the complex nature of the issue and the ongoing efforts to find viable solutions.

Recognizing the specific impact of student debt on certain groups like first-generation college students, students of color, and those from low-income backgrounds, it’s evident that policymakers often prioritize political agendas and economic interests over empathy and compassion for these groups in “Student Loans Will borrowers’ debts be forgiven?” by Lorna Collier Despite evidence of financial struggles and the negative effects of program cuts, meaningful reforms benefiting vulnerable populations have been lacking. Marginalized groups are frequently overlooked in discussions about student debt relief, revealing a lack of genuine empathy from policymakers and perpetuating cycles of financial hardship and inequality.

In essence, the college debt crisis in the United States demands immediate attention and reform, given its staggering scale and impact on millions of individuals. However, efforts to address this issue often lack sufficient compassion and empathy for marginalized communities disproportionately affected by student debt. It is crucial for policymakers to prioritize empathy and social justice in implementing reforms that provide equal opportunities for all individuals to succeed, regardless of their economic background.