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Joe Biden’s Student Loan Forgiveness Promises Will Impact the 2024 Election

Last Updated on: 17th July 2024, 02:23 pm

Student loan debt is a major issue in this country. On the news, on social media, and in everyday life, people continue to discuss the implications of this high-interest debt. 

With staggering amounts of Americans being crushed by student loans and the subsequent interest, more people are questioning college affordability. Unsurprisingly, recent years have seen a decline in college attendance rates, as individuals pursue alternate paths of education. Fewer people are buying into the narrative that racking up thousands of dollars in debt is the only way to ensure a comfortable future. 

Going into November’s election, Joe Biden’s student loan forgiveness promises are top of mind for many voters. The president is on record saying he believes people who are in over their heads because of the student loan crisis should have their debts waived by the government. 

Many conservatives have pushed back against this. Despite the ongoing debates about college affordability, conservatives feel that people who knowingly take on debts need to pay them back. These folks also believe Joe Biden’s student loan forgiveness promises are a slap in the face to Americans who already paid off their debts. 

Nevertheless, this issue isn’t going away anytime soon. As a matter of fact, a new poll from Bankrate shows just how much the student loan crisis will impact the way Americans vote. 

Joe Biden’s Student Loan Forgiveness Promises Will Carry Weight

According to Bankrate, 29% of individuals with student loan debts confirm that having these loans waived by the government will determine who they cast their ballots for. Meanwhile, 46% of Americans facing a student loan crisis view this as an issue worthy of national attention. 

Since his time in office, Biden’s presented a series of different initiatives to waive billions of dollars in debt for more than four million Americans. Though in 2023, the Supreme Court struck down the president’s proposed use of the HEROES Act to strike down student loan debts under the pretense of a “national emergency.” 

Critics of Joe Biden’s student loan forgiveness argued this use of the HEROES Act would unfairly pass the burden of repayment to everyday taxpayers who never took out these loans. 

Amid a student loan crisis that’s not going away, many people now feel the American Dream is out of reach for them. This is evidenced via polls which show that a significant amount of renters think they’ll never have the means to become homeowners. Yet, even current homeowners are often struggling to make their mortgage payments and keep up with other financial obligations. 

As the 2024 election plays out, Joe Biden’s student loan forgiveness promises are unlikely to go 

away. The president’s base will be particularly interested in learning how he plans to make their lives and financial futures smoother. 

Many progressives feel the only optimal path to end the student loan crisis is for the government to waive billions of dollars in debt. Some folks have even claimed that Biden needs to forgive all Americans who are currently carrying student loans.

College Affordability is Going to Be a Major Issue

Amid all of Joe Biden’s student loan forgiveness promises, the overall costs of going to college are top of mind for many Americans. Generally, people obtain higher education to network, open doors in the workforce, and enjoy more lucrative careers. Higher education is also commonly branded as an “investment” that will pay off later down the line. 

Unfortunately, for a lot of folks, it’s not really paying off. More people are finding that despite going into the workforce with a college degree, it’s still not carrying the weight they thought it would. On social media, Americans have started questioning whether or not bachelor’s degrees are truly valued by today’s employers. 

If more individuals determine that college affordability has spiraled out of control, the rates of attendance will likely keep declining. The workforce is already changing, as people begin seeking jobs that will provide more flexibility and benefits. Likewise, the gig economy, freelancing, professional trades, and other alternatives to traditional employment have begun making headway in recent years. 

Certain critics of college affordability argue that higher education institutions are all but scamming Americans. Many folks who take on debts do so with the expectation that they’ll be able to pay them off relatively quickly. They’re also led to believe the student loan crisis is a short-term sacrifice that will lead to greater lifetime earnings. Though for many Americans, this isn’t the case. 

On social media, there are countless horror stories of the problems Americans are up against. Some people say the student loan crisis has spiraled so far out of control that they’re only able to pay a portion of the interest charges they’re incurring. Naturally, this is not conducive to young people getting out of the red or being able to see a return on the “investment” that was sold to them as essential. 

Prices Are Still Skyrocketing

Amid Joe Biden’s student loan forgiveness promises, growing talks about the student loan crisis, and debates about college affordability, the costs of higher education are rising. According to the Education Data Initiative, undergraduate degree fees start north of $25,000 and can go all the way up to $218,000. That’s not even accounting for the interest charges which accompany student loan debts. 

Meanwhile, the Education Department has documented a 14% increase in four-year private university costs between 2010 and 2021. Of course, as the costs of higher education rise, so are the balances that student loan borrowers are carrying. 

Ultimately, if college and university prices keep skyrocketing, more Americans will turn elsewhere to get their start in the workforce. If this happens, educators and other faculty members can count on eventually being out of a job. 

For all of Joe Biden’s student loan forgiveness promises, he hasn’t talked about overall college affordability or lowering the hefty prices that people are expected to pay. Without addressing the root cause of the student loan crisis, the current administration is essentially putting a bandaid on a bullet hole. 

How do you think the student loan crisis will impact the 2024 presidential election?

Gabrielle Seunagal

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