Federal student loan debt, which totals an incredible $1.6 trillion nationwide, is owed by almost 40 million Americans. Voters’ selection of a presidential candidate in November will ultimately determine the course of student loan forgiveness in the future. Despite their obviously unclear views on the matter, neither nominee has provided concrete plans for how they would handle student loan debt in the event of an election to the White House.
Kamala Harris, the Democratic contender for vice president, has previously supported President Joe Biden’s student loan relief program. During her 2019 presidential campaign, she also promoted a more limited plan for Pell Grant recipients to have their Student Loan Forgiveness.
Student Loan Forgiveness
Since American higher education is so costly, there is a growing student loan debt crisis that has become an urgent problem. The cost of college has more than doubled over the last forty years, putting students under tremendous financial burden. In order to address this issue, President Joe Biden, who has Harris as his vice president, promised to campaign for comprehensive student loan forgiveness.
Even while their administration has encountered many obstacles, such as the Supreme Court’s denial of Biden’s comprehensive plan to forgive debt for more than 40 million borrowers, some progress has been achieved. The Biden administration just canceled nearly 60,000 workers’ $4.5 billion in student debt.
If Kamala Harris were elected president, her administration will probably step up efforts in this area, tackling the financial burden that millions of Americans endure while pursuing higher education and continue the battle for more comprehensive student debt relief.
What to Expect If Kamala Harris Gets Elected
According to a news statement issued in October 2024, the government has approved the infusion of $175 billion into the Public Service Loan Forgiveness program for over 4.8 million Americans with school debt, and Harris has been a staunch supporter of Biden’s plan to address student loan debt relief. Republicans have challenged Biden’s debt relief plan in court on other points. The Supreme Court last year rejected the president’s original plan, which would have stripped millions of Americans of $20,000 in student loan debt.
So, if Kamala Harris becomes president of America, what will happen to Student Loan Forgiveness? Despite not making student loan forgiveness a major campaign platform, Harris’s experience as vice president indicates that she supports the Biden administration’s initiatives to assist borrowers.
Since Joe Biden took office, the PSLF program has forgiven loans for more than 5 million borrowers, and Harris has shown support for certain forgiveness schemes. She has chosen to concentrate on making education more accessible and affordable going ahead, though, and has remained silent about any fresh, comprehensive plans for student loan forgiveness.
“She will continue working to end the unfair burden of student loan debt and fight to make higher education more affordable, so that college can be a ticket to the middle class,” according to Harris’ website. However, her campaign team has not yet provided details on how she will address the issue after winning the election.
What the Biden-Harris admin has achieved on Student Loan Forgiveness
As far as Kamala Harris is concerned, she has been battling for years to address the harm that student loans are causing to our economy. Harris was among the most outspoken advocates for targeted student loan cancellation and free community college throughout her 2019 presidential campaign. She recognized that student loan debt affects more than simply people; it is a structural problem that perpetuates inequality, particularly for communities of color which bear a disproportionate amount of the burden.
Since taking office as VP of USA, she has persisted in advocating for major student loan relief. She has led the administration’s efforts to pay off roughly 5 million borrowers’ school debt totaling over $170 billion alongside President Biden. This was a significant victory, particularly for those of minorities and low-income borrowers who bear the brunt of student loan debt.
Other significant modifications made by the administration to the Public Service Loan Forgiveness (PSLF) program make it simpler for those in public service occupations, such as government employees, teachers, and nurses, to get their loans forgiven. To help low-income students pay for college without taking on large debt, the government has expanded Pell Grants and other financial aid programs in addition to canceling student loans.
Summary
- Despite obstacles from Republicans and the Supreme Court, the Biden administration’s attempt to provide relief for student loan holders has been strongly supported.
- It is unclear about the details of how she would address student loan debt if elected.
- She ran for president in 2019 with a plan to reduce student loan debt that was criticized for having too limited a reach.
- Supported a number of bills in the past that attempted to address the exorbitant cost of college for students, but they were never signed into law.
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Niamh Prescott has a degree in Mass Communication and an MBA in Finance. She has worked for two media houses and is now running her own media company.