Wait, How Did Student Debt Even Become A Thing?

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Wait, How Did Student Debt Even Become A Thing?
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Biden has announced partial loan forgiveness for individuals making under $125,000 a year. Critics say this move amounts to handouts for rich, highly educated elites, and a betrayal of students who already paid off their loans.

Stephanie López Ruvalcaba and her family pose for a photo at the University of La Verne. She managed to pay off her student loans within 10 years. Even so, she supports debt cancellation.

Sofía Guadrón is a first-generation college student, raised by a single mother in the Westlake/MacArthur Park area of Los Angeles. She graduated from UC Davis in 2018, with a degree in Human Development and Family Studies and French. She’s been making payments for years, including during the pause. Her debt is down to $2,000.

One day, while working on an assignment, she found herself struggling to breathe. Then she couldn’t stop crying. The panic attack landed her in the hospital. “As I planned my finances, anything I had leftover at the end of the month, I would just put it into my loans,” she said.After working so hard to pay off her loans, how does she feel about the Biden administration canceling $10,000 per borrower?

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