Debt relief for students and Kamala Harris: what to expect if she is elected

In addition to canceling student loans, the administration has also taken steps to expand Pell Grants other forms of financial assistance to help low-income students pay for college without taking out huge loans. They also fight to make it income-driven repayment plans more manageable to borrowers – by limiting monthly student loan payments to 5% of the annual income of a borrower earning more than 225% of the federal poverty level – and making it easier to pay off loans without draining their assets sacrifice to live their lives and invest in their future.

Free education is the key to an opportunity economy

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

Harris does praise her efforts to make the student loan system more fair and manageable for borrowers: combating student debt, making college more accessible through financial aid such as increasing the Pell Grant, and investing in Historically Black Colleges and Universities (HBCUs), tribal colleges, and Hispanic-serving institutions and other institutions that serve minorities.

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

Making college free would be a game changer. It would remove one of the biggest barriers to opportunity and give millions of young people the chance to pursue their dreams without being burdened by debt. Free study would also help close the gap between rich and poor, ensuring that everyone – regardless of their background – has access to higher education.

The path forward

Vice President Harris’ vision for an opportunity economy is bold and inspiring, but it will not be achievable unless we address the student debt crisis. It’s like trying to run a race with a 50-pound weight on your back – which doesn’t happen. While the Biden-Harris administration has made important progress, we need more aggressive measures, like free college and broader debt forgiveness, to truly give young people a fair shot at success.

The opportunity economy will not 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 where 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 push for a better future, and Harris is in a position to help make that future a reality. Let’s make sure our voices are heard and fight for a future where student debt no longer holds us back.

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