By Nicholas Calvino, Currier Times Staff//
With Americans now owing more than more than $1.7 trillion in student loans, according to the Federal Reserve Economic Data (FRED), it appears that more than ever, lawmakers are getting serious about canceling at least a portion of that debt.
Congress is looking at a number of proposals that could help the roughly 45 million people faced with student debt. Some measures would forgive anywhere from $10,000 to $50,000 in student debt while other ideas would lower loan interest rates or allow for easier bankruptcy.
On the Curry College campus, students the Currier Times spoke with were all in favor of the options.
“Yes….my parents are paying for that, so I would want it for them,” said Nick McGrann.
Others felt that loans are a lifetime burden that needs to end.
“I would be in support of that,” said Mike Templeton. “It’s definitely an important cornerstone for students. Student loans are not something students should have to carry with them through college.”
An investigation from CNBC tried to contact 500 members of Congress, reaching 66 of them. Senator Bernie Sanders of Vermont and Reps. Alexandria Ocasio-Cortez and Maxine Waters, and others, have asked President Biden to cancel loans up to $50,000.
Republican Senator John Thune, of South Dakota, feels that loan forgiveness is not the answer, calling it “unfair.”
For now, the debate will continue, with some members of Congress saying loan foregiveness will help the economy, and others saying it is a government handout that the country can’t afford. Be sure to let your members of Congress know where you stand!