400 Billion in Student Loans Program

Via Wikimedia Commons (David Lienemann)

On August 24th, President Joe Biden announced an executive order to cancel from $10,000 to $20,000 of college student loan debt per person for qualifying borrowers. Individuals earning up to $125,000 per year are eligible for somewhere around $10,000 in student loan forgiveness. Rose Felicio-Weber, a sophomore at La Jolla High School, shared her proximity to the issue of college student debt, saying, “I remember my mom had to work as a waitress for 15 years to work off her college debt.” Felicio-Weber’s mom is not alone. As of this year, 45 million current and former American college students owe a combined $1.75 trillion in college loans, and that number is still rising. 

At La Jolla High’s campus, opinions were generally positive. For example, “I think it’s definitely a step in the right direction,” said Lucas Landsberg, a 12th grader. In contrast, a current UC San Diego student, Angel Osuna, expressed his criticism: “I think it’s great, don’t get me wrong..but if you are living from paycheck to paycheck, I don’t think it’s enough.” Furthermore, the program is facing some hurdles in the government. The Congressional Budget Office estimates the program could cost 400 billion dollars because of this, it’s facing a lawsuit claiming that the cost of the program will be a burden on taxpayers. Given this, the program is controversial, and its fate remains to be seen.