What to Expect If She Gets Elected

Kevin Dietsch/Getty Images

Are you registered to vote? Check your voter registration here.

You may have heard Kamala Harris talk about the “opportunity economy” on the campaign trail. In her count, that means an economy built on fairness, where you don’t need a trust fund to snag a good-paying job, own a home, or live your dream. At its heart, it’s about creating an economic system that works for everyone, not just the wealthy few. But here’s the catch: Harris’ vision for an opportunity economy won’t work unless we confront the massive problem of student debt that’s weighing all of us down. Right now, more than 43 million Americans owe a jaw-dropping $1.7 trillion in student loans. That’s more than what the entire country spent on new cars, clothes and shoes so far this year.

The future Harris describes is one in which everyone gets a fair shot at success. But how can we have a fair economy when so many young people are drowning in student loans? This isn’t just a personal issue — it’s an economic problem that affects the entire country. When young people can’t invest in their futures, it stifles economic growth for everyone.

The truth is, the opportunity economy Harris envisions will never fully take off unless we deal with the crushing burden of student debt that’s stopping millions of people from getting ahead. While Harris has been a strong advocate for debt cancellation and affordable college, solving this crisis needs to be at the core of any serious plan to create an inclusive economy.

What the Biden-Harris admin has achieved on student debt cancellation

To her credit, Kamala Harris has long recognized the damage student debt is doing to our economy, and she’s been fighting to fix it for years. Back when she was running for president in 2019, Harris was one of the loudest voices calling for targeted student debt cancellation and free community college. She understood that student debt doesn’t just affect individuals — it’s a systemic issue that reinforces inequality, especially for Black and brown communities who are disproportionately burdened by student loans.

Since becoming Vice President, Harris has continued to push for meaningful student debt relief. Alongside President Biden, she’s helped spearhead the administration’s efforts to wipe out over $170 billion in student debt for nearly 5 million borrowers. This was a major win, especially for low-income borrowers and people of color who face the highest levels of student debt. The administration has also made critical changes to the Public Service Loan Forgiveness (PSLF) programmaking it easier for people who work in public service jobs — like teachers, nurses, and government employees — to have their loans forgiven.

Beyond student loan cancellation, the administration has also taken steps to expand Pell Grants and other forms of financial aid to help low-income students afford college without taking on massive loans. They’re also fighting to make income-driven repayment plans more manageable to borrowers — capping monthly undergraduate loan payments at 5% of a borrower’s annual income earned over 225% of the federal poverty line — and making it easier to pay off loans without sacrificing their ability to live their lives and invest in their futures.

Free college is the key to an opportunity economy

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

Harris is touting her efforts to make the student loan system more fair and manageable for borrowers: fighting student debt, making college more accessible through financial support like increasing the Pell Grant award, and investing in Historically Black Colleges and Universities (HBCUs), Tribal Colleges, Hispanic-Serving Institutions , and other minority-serving institutions.

While these proposals continue to provide some relief, they don’t 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 being forced to take on loans just to get the education they need, perpetuating the cycle of debt. And that’s where free college comes in. 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’s a necessity for most good-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 weighed down by guilt. Free college 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 of an opportunity economy is bold and inspiring, but it won’t be achievable unless we tackle the student debt crisis. It’s like trying to run a race with a 50-pound weight strapped to your back — not happening. While the Biden-Harris administration has made important progress, we need more aggressive action, like free college and broader debt cancellation, to truly give young people a fair shot at success.

The opportunity economy won’t build itself. It’s 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 have to fight for it.

Harris must seize this moment to create real, transformative change — not just as an 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.

Stay up to date with the political team. Sign up for the Teen Vogue Take

Originally Appeared on Teen Vogue

---

Check out more Teen Vogue education coverage: