The Young Democrats commend the Biden Administration on their effort to forgive $10,000 of debt for those making under $125,000 a year and $20,000 for pell grant recipients making under $125,000. This is a much needed step in the right direction down a very long path to rectifying years of debtors taking advantage of millions of those seeking higher degrees. We would have hoped, still hope, and know that the administration can expand upon this so that no one owes money for pursuing a post secondary education.
From public universities raising tuition costs astronomically ahead of inflation to student loan corporations putting terms in front of young adults with minimal financial literacy, this is a system that has not worked for the betterment of our society, nor one that exists anywhere in the world. In virtually every other country, no one has the same amount of individuals who face the size of debt like Americans do for services like education or basic necessities like health care.
Right now, 42.4 million people (roughly 12% of the population) have outstanding student loans in the United States. The majority of those who owe money are millennials and Gen Z, who owe an average of $38,000 and will no doubt be owing this money for the rest of their lives due to interest rates. Forgiving $10,000 of that will be a start but is by no means the end.
President Biden and Vice President Harris ran on forgiving all undergraduate tuition-related federal student debt from public colleges, universities, private HBCUs, and MSIs for those earning up to $125,000 and the Young Democrats of America join organizations like the National Association of the Advancement of Colored People in continuing to be committed to pushing to make sure that those campaign promises are realized. We will work so that the majority, if not all, of student debt is canceled in the future, as well as making a 4 year college education affordable for everyone who wants it. Public higher education should be a service that is given to Americans at an affordable cost to everyone, as higher rates of higher education benefit society greatly.
In terms of the political and electoral ramifications, we also raise that total student debt cancellation is still a very popular issue. During the Midterm Elections when the Democratic Party is looking for ways to inspire hope amongst young voters, expanding on this in a non-means tested way will ultimately be an easy win for the party.
We issue the same call as we always have on this matter: Cancel Student Debt. All of it.