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We Need to Expand Student Debt Relief [1]

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Date: 2022-09-02

Source: The White House

Americans owe nearly $1.8 trillion in student debt. It is a crisis that puts a roadblock in front of Americans as they try to become financially independent. In one study, the Wall Street Journal found that even elite master’s programs left graduates “financially hobbled for life” . The student debt crisis is so severe that it is impacting dentistry and veterinary services. So when president Joe Biden announced a student loan relief program, you’d think Republicans would support the measure. Instead, Republicans have met this extension of federal support with derision, accusing Biden of transferring wealth, pursuing inflationary policies, and pandering to elites.

In today’s world, getting a college education is vital for getting a well paying job. Unless you’re going to be an elite athlete or entertainer, without a college education, it’s well-nigh impossible to get a well paying job, the kind of job that makes the American Dream ring true. Expanding access to college education is also an important way of bridging racial and gender inequalities. People who go to college aren’t at fault for wanting to achieve the American Dream, and better themselves. Unfortunately, the cost of college education has accelerated, federal support hasn’t kept up, and salaries haven’t either. Millions of Americans are left between a rock and a hard place: not going to college and accepting that certain doors will be closed to them, or, going to college and accepting decades of debt payments they may never finish paying.

The system has betrayed a generation of college graduates. Rather than attacking the president for pursuing a relief program, we should be thinking about expanding the program. As it is, it only provides moderate support. More still needs to be done. Yet, supporting ordinary Americans in their quest for a good education and well paying jobs, is frowned upon by Republicans, while support for tax breaks for the rich is seen as vital to our nation’s prosperity.

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[1] Url: https://www.dailykos.com/stories/2022/9/2/2120472/-We-Need-to-Expand-Student-Debt-Relief

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