The Ongoing Impact Of Student Loan Debt
A recent 2024 CNN article states that student loan debt, “is a burden that nearly 3 out of 4 American borrowers say has forced them to delay a major life event — whether that’s buying a house, having kids or getting married, according to the latest Gallup Lumina Foundation Cost of College report.”
The American Dream was thought to have included going to college but now many are questioning if going to college is really what it’s worth or was it ever worth it to begin with. It is obvious that the long term impact of student loans is a topic of conversation as the 2024 election rolls near, with many millennials and Gen Z’ers alike wondering will they ever escape student loan debt.
The CNN article continues to say, “dozens of people who responded to a CNN prompt on social media this week said their student debt has hammered their credit score and drained their income. Many who responded said they were nearing retirement age but couldn’t imagine being able to stop working, saying they would take their debt to their grave.”
Adding to the fact that many have either delayed or ruled out owning a home or even having children, studies also show the birth rate has been steadily declining, having been consistently decreasing since the 1950s, nothing has changed since 2022. WIth all of this, what will the future hold for not just the economy, but the global population and the global workforce as a whole? Attending college is supposed to be the gateway to a healthy career and financial security. But with many 18 year olds having to make life altering decisions when taking out a student loan, it presents much anxiety when thinking about the future.
Earlier this month, President Joe Biden announced new plans to give more student loan relief for a new group of Americans. According to the 2024 press release, “The plans, if implemented, would provide debt relief to over 30 million Americans when combined with actions the Biden-Harris Administration has already taken to cancel student debt over the past three years… Today’s announcement lays out the plans the Biden-Harris Administration is pursuing through that effort. In total, these plans would fully eliminate accrued interest for 23 million borrowers, would cancel the full amount of student debt for over 4 million borrowers, and provide more than 10 million borrowers with at least $5,000 in debt relief or more.”
More info can be found on Biden’s student loan forgiveness plan at whitehouse.gov
