Cancelling Student Loan Debt Will Significantly Improve Lives!

As of the publishing of this post, US President Joe Biden has not officially announced any plans to cancel any student debt yet; however, it’s an important global issue worth discussing, as it affects millions of people around the world.

This piece will not discuss any political leanings around the subject and will only focus on the issue itself. I will briefly summarize the potential resolutions that are currently popular in the USA and then share my own experiences and thoughts with student loans.

To summarize, there are currently three potential scenarios that are popular among the US public. These are speculations only and are not official options presented by the US government:

In 2020, US President Joe Biden stated that he was open to the idea of cancelling student loan debt of up to $10,000. This was immediately met with requests to increase that amount, as many people have far higher amounts of student loan debt owing.

Subsequently, he also made his stance clear that he was not considering anything at the $50,000 level or more. However, it is still one of the three potential scenarios that is popular among Americans hoping for this type of debt forgiveness and relief.

It should be safe to say that options 1 and 2 above are more likely to happen and that there may be income thresholds and other eligibility conditions that need to be met in order for the relief to be granted, if and when a plan is approved and implemented.

Option 3 above is unlikely to happen and critics also point out that it would disproportionately benefit those of wealthier individuals, who may have graduate level degrees or those who went to more expensive colleges and universities.

Although the amount of debt forgiveness cannot be agreed upon, what can be agreed upon is that whichever option is approved, it will have a significant and…

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