To most, the prospect of eliminating one’s student loans seems too good to be true. However, President Biden has announced his plans in August to wipe out student loans for up to 20,000. People can apply for these loans through Pell grants, and lower income families can gain more forgiveness in their debts. While it does seem fantastical, this plan can change the lives of countless families in America and grant them with opportunities they could only previously imagine.

In the entirety of the country, students owe over 1.6 trillion dollars to their education, which is more than the average debt for cars or credit cards. With such a big impact on a large part of the country, alleviating these loans will prove to be beneficial for the overall economy.

Incoming college students also are hopeful for this action, as they will not have to stress about their future debt if this plan proves to be successful.

“If this plan proves to be beneficial to those who actually need it [like the lower classes], it will be a dream come true.” said Sunny Hills junior Kaylyn Kim, “However, I hope that it really has good [intentions] with no corruption.”

However, while some say that allocating such large amounts of money would create inflation, indebted students will first pay off their loans before turning to increase their spendings.

“[For those who have loans], students will be relieved [about the plan],” said Chadwick International 6th grader Josephine Lee, who had not previously heard about Biden’s new plan.

The amount of families who will be given a new chance of life is astounding, and future generations will get to experience opportunities that were previously financially restricted.

The standard loan that Biden is proposing is about 10,000, but those who qualify for the Pell grant are able to receive up to 20,000 in loan relief. Typically, those who qualify are families whose income is less than 30,000 annually.

The prospect that this grant holds is incredibly life-changing. Families can use this money to send children to hospitals, pursue their passions, or higher quality education. Overall, it will result in an improved economy with people who have the liberty to live the life they have always dreamed of. Without the burden of debt, Americans will be happier and more productive in their day-to-day lives.

Scarlett Chang

Sunny Hills / 10th Grade

<Scarlett Chang Sunny Hills / 10th Grade>