Words by Tess Becker
One of the biggest campaign promises from President Biden was to find a solution to the overwhelming debt that many post-graduate college students face, which currently sits at $1.78 trillion in federal and private loans. College is exorbitantly expensive, with students paying an average of over $36,436 each per year, according to the Education Data Initiative, which has forced many people, hoping for a better life and education to take out these often predatory loans.
Unfortunately, the Supreme Court recently shut down Biden's attempt at canceling around $400 billion in student loans at nearly $20,000 per borrower. The aid would have helped as many as 43 million Americans.
In a rebound, the Biden administration announced a new round of student loan recovery, albeit a much smaller amount. The debt cancellation, which will benefit 804,000 student loan borrowers, will add up to a total of $39 billion in relief. It's made possible as a result of previous actions undertaken by the federal government to fix “longstanding failures in the student loan programs,” according to the Department of Education.
“For far too long, borrowers fell through the cracks of a broken system that failed to keep accurate track of their progress towards forgiveness,” said Secretary of Education Miguel Cardona. “Today, the Biden-Harris Administration is taking another historic step to right these wrongs and announcing $39 billion in debt relief for another 804,000 borrowers. By fixing past administrative failures, we are ensuring everyone gets the forgiveness they deserve, just as we have done for public servants, students who were cheated by their colleges, and borrowers with permanent disabilities, including veterans.”
Charity check-in
At Smiley Movement, we like to elevate the work of charities across the world. Here are three charities whose causes align with the themes in this article.
The Women Invested to Save Earth Fund. This organization helps support underrepresented and underfunded Black, indigenous, and women of color-led organizations across the world. Find out more and support them here.
Collective Sun. They help nonprofits get outfitted with solar power capabilities. Check them out here.
Florida Bicycle Association. An organization that helps mobilize people and promote greener living and safer biking. Find out more.
