There’s no doubt that student debt has mired many Americans — about 43 million — in debt. Not all of those are unable to meet their obligations and not all of the debt involves federally guaranteed loans. But economists have shown that the added financial strain keeps many borrowers from buying homes and cars and starting families — a trickle-down effect on the economy and social structure of the nation. Total debt has climbed precipitously, nearly doubling in the decade from 2011 to 2021. No matter what course Biden takes at this point, though, what’s missing is a plan to permanently reduce student debt through basic college reform. After all, today’s college graduates might get relief, but what about next year’s grads, and those in the years and decades to come?
