As the 2024 presidential election looms, President Joe Biden has unveiled yet another student loan bailout program, a move perceived as an attempt to bolster his waning support among young voters—a demographic critical to his narrow 2020 victory. This latest proposal comes after the US Supreme Court determined that his previous attempt to wipe out the debts of over 30 million borrowers last year was unconstitutional.
The debt cancellation effort arrives amid Biden’s faltering approval ratings, as recent polls indicate a significant decline in enthusiasm from younger constituents, raising questions about his electoral viability in the upcoming election.
In a statement, the White House emphasized that the plan will primarily benefit Black and Latino borrowers who accumulated debt while attending community colleges but never got the chance to finish their degrees. The cancelation will also provide relief for borrowers who owe more than they did at the start of repayment; borrowers who are otherwise eligible for loan forgiveness, but have not yet applied; borrowers who first entered repayment many years ago; borrowers who enrolled in low-financial-value programs; and borrowers experiencing hardship paying back their loans.
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“Today, too many Americans, especially young people, are saddled with unsustainable debts in exchange for a college degree,” Biden said from an event in Wisconsin. “The ability for working and middle class folks to repay their student loans has become so burdensome that a lot can’t repay it for even decades after being in school.”
“Even when they work hard and pay their student loans, their debt increases, not diminishes,” he said. “Too many people feel the strain and stress wondering if they can get married, have their first child, start a family because even if they get by, they still have this crushing, crushing debt, and it’s not just a drag on them.”
Related: Biden Cancels Another $1.2 Billion in Student Loan Debt
The student loan forgiveness plan, a cornerstone of Biden’s strategy to reconnect with the youth electorate, has sparked a heated debate across the political spectrum. Advocates of the initiative argue that addressing the student debt crisis is essential for economic recovery and social mobility, suggesting that alleviating the financial burden on millions of Americans could reinvigorate a key voter base disillusioned by the current administration’s performance.
Critics, however, view the plan as a misguided attempt to shore up electoral support at the expense of the broader taxpayer base. They contend that the proposal unfairly benefits a specific demographic while placing an undue financial strain on individuals who either did not attend college or have already paid off their loans.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
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