Like crumbling infrastructure or rising gas prices, student loan forgiveness is one of those far-reaching political issues that affect a huge swath of Americans.
The plan is a long time coming: President Biden first promised to forgive at least $10,000 in student loan debt on the campaign trail in early 2020 and made the same promise after he won the election in November 2020.
Over the past several decades, the cost of attending college in the U.S. has steadily risen largely due to a reduction of state funding, an increase in university amenities, and unprecedented demand from prospective students.
The problem? The amount of federal grant money available to students hasn’t kept up with continually increasing tuition or with the growth of federal loans.