Will there ever be a time where college is a more affordable option for the majority of Americans? That’s the question that is on the minds of students, financial experts, and higher education analysts nationwide as the debate over the rising cost of college continues to rage. For students that have already attended school, the cost of repaying student loans is a well-known pain that the government has been looking for ways to solve.
The Biden administration’s plan to exonerate up to $10,000 in debt for most student loan borrowers who have their loans held by the federal government has been held up in court, leaving millions of people in limbo.
Luckily, the moratorium on student loan interest accrual has been extended multiple times and has allowed borrowers to save thousands in interest over the past three years. However, this moratorium will not last forever and if there is no immediate word of relief being approved, borrowers who have not planned ahead will have to figure out how to best go about repaying their loans.
There is no way around the fact that college is going to cost the subsequent generations even more money unless something drastic changes the higher education system and its sky high cost. One time debt forgiveness may seem like a great start, but even if it gets by the Supreme Court and is approved, it is only a temporary measure
