Student debt relief and Kamala Harris: What to expect if she’s elected

In addition to canceling student loans, the administration also took steps to expand Pell Grants and other forms of financial assistance to help low-income students afford college without taking out huge loans. They are struggling to get it done too income-driven repayment plans are easier to manage for borrowers – limiting monthly payments on bachelor’s loans to 5% of the annual income of a borrower earning more than 225% of the federal poverty line – and making it easier to repay the loans without sacrificing their ability to live and invest in the future.

Free college is key to the opportunity economy

The Biden-Harris administration has made important progress on student debt relief, and they deserve credit for it. While these achievements are significant, they are not enough to truly solve the student debt crisis or make Harris’ vision of an opportunity economy a reality for college students and graduates. The problem is too huge, and without major changes, millions of Americans will continue to be stuck paying off their loans for decades.

Harris is praising her efforts making the student loan system fairer and more manageable for borrowers: fighting student debt, increasing college accessibility through financial support such as increasing the Pell Grant award, and investing in Historically Black Colleges and Universities (HBCUs), tribal colleges, Latino-serving institutions and other institutions serving minorities.

While these proposals continue to provide some relief, they do not fully address the root of the problem: the skyrocketing costs of college increased by 36.7% since 2010. This means that more and more students are forced to take out loans just to get the education they need, perpetuating the cycle of debt. This is where free college comes in. If we truly want to create an opportunity economy, we need to make college free for everyone. A college education is no longer a luxury – it’s a necessity for most high-paying jobs in today’s economy.

Freeing up studios would be a game changer. This would remove one of the biggest barriers to opportunity and give millions of young people the chance to pursue their dreams without the burden of debt. Free college education would also help close the gap between rich and poor, ensuring everyone – regardless of background – has access to higher education.

The path forward

Vice President Harris’ vision for the opportunity economy is bold and inspiring, but it will be impossible to achieve if we do not address the student debt crisis. It’s like trying to run a race with a 50-pound weight strapped to your back – but it doesn’t happen. While the Biden-Harris administration has made significant progress, we need more aggressive actions like free college and broader debt relief to truly give young people a fair chance to succeed.

The opportunity economy won’t build itself. It is up to all of us to demand bold policies that address the root causes of inequality and eliminate the student debt trap. If we want a future in which we can thrive, we must fight for it.

Harris must seize this moment to create real, transformative change – not just as economic policy, but as a moral imperative for the future of young Americans. Our generation has the power to pursue a better future, and Harris can help make that future a reality. Let’s make our voices heard and fight for a future where student debt no longer holds us back.

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