There has been recent conversation regarding President Joe Biden’s student loan debt relief plan, recently heard by the Supreme Court. After its announcement in the summer of 2022, the plan would provide $10,000 of relief to those who make under $125,000 and $20,000 to recipients of the Pell Grant. It quickly was blocked by lawsuits by six states and an injunction by the Court of Appeals for the 8th Circuit. Regardless of the Supreme Court’s decision, it is crucial to recognize that this policy may improve life today, only to hurt us all tomorrow.
The Biden Administration’s student debt relief plan is a dangerous path for the federal government. The plan would provide at least 450 billion dollars to borrowers. This grotesque amount of money is called a one-time opportunity for those currently struggling with the cost of American colleges and universities. In reality, treating the symptoms of growing debt instead of the source will only further justify the next debtors to push for the same out of precedent. Future borrowers will call for the same, and the next candidate eager for votes will indulge them. Once this precedent is set, universities are liable to raise their rates knowing that this money may come in for students. This will not only put more students into dependence on government funds but also create infrequently considered impacts on the already ballooning national debt.
The excitement about this opportunity is understandable. For many, this is a big step towards moving on with life after college. As a borrower personally, I will take advantage of this, it is foolish not to. Benefits however, do not make things right. The venus fly trap smells sweet to its prey, but it isn’t until they are inside that they see the danger that there always was. As Americans, we must understand that comfort now is not worth damaging the future.
When Biden unveiled his student debt forgiveness plan, it was met with immediate pushback from across the nation. A plan to lessen the debts of millions of college students and graduates is honorable but provides a massive bill for American citizens to foot with no guarantee it won’t get larger. As nice as the opportunity sounds, it will fail us and our children in the future. Debtors must understand that the future of our great society is more important than their current comfort.