President-Elect Joe Biden will not take office until January 20th, but people are already discussing what will and won’t change once he’s sworn in. One possible agenda item for Biden’s first day involves the student loan debt crisis. With student loan debt currently standing at over $1.7 trillion nationally, it’s no wonder that Biden and his team have been discussing ways to ease the burden of student debt. During a recent interview, Senate Minority Leader Chuck Schumer suggested that Biden could cancel up to $50,000 of student loan debt per borrower — and do it very quickly, through an executive order.
I think Dems are wildly underestimating the intensity of anger college loan cancelation is going to provoke. Those with college debt will be thrilled, of course. But lots and lots of people who didn't go to college or who worked to pay off their debts? Gonna be bad. https://t.co/SCxdIekT0P— Damon Linker (@DamonLinker) November 16, 2020
Those opposed to canceling student debt claim that doing so would create resentment in people who spent a long time paying off their own college debt, who might have prioritized jobs that pay well over jobs they’d enjoy, or delayed milestones like home ownership, marriage, or having a child because of their debt. They had to sacrifice and suffer, and it rankles them that current and future college grads might not have to sacrifice and suffer in the same way.