We Know Not What We Do…
Student loan debt and forgiveness remains a controversial issue as U.S. President Joe Biden orders up to $20,000 in debt cancellation for Pell Grant recipients. Pell Grants are awarded to undergraduate students based on financial need. Unlike student loans, grants do not have to be repaid.
I received the Pell Grant in college. While the grant helped me tremendously, I still accumulated $85,308.17 in federal student loans. Just like the Pell Grant money I received, the federal student loans were awarded me based on displayed financial need. Something to note, prior to President Joe Biden’s announcement, federal student loans had to be paid in full or be forgiven after 25 years of repayment.
Citizens around the country are upset by this loan forgiveness and some are happy. I can understand both sides. I’ve paid my student loan debt and will not have any debt cancellation. But how did we get here in the first place?
Locked Up and Won’t Let Me Out…
Three years ago, countries around the globe shutdown due to Covid. Not many people were able to work during this time unless an occupation was considered “essential”. What a term to use to determine who earns a living and who doesn’t huh?
Millions of people lost their jobs as businesses either paused operations or shut down permanently. The U.S. government introduced the Paycheck Protection Program (PPP) to assist small businesses and major corporations in keeping staff employed during the pandemic.
Onward to Greener Pastures…
News reports soon swirled about growing discontentment with work conditions, compounded from stress of the global pandemic. Workers nationwide grew tired in their frustration of incessant threats of job loss due to Covid. This pent-up frustration led to The Great Resignation. In response, employers have since offered hybrid and remote work options in attempt to attract/retain skilled workers.
As heavy job losses mounted, the U.S. government sent stimulus checks to individuals as part of the American Rescue Plan. Unless your occupation was considered “essential” (first responder: police officer, fireman, teacher, healthcare worker) you were out of work. This was not an easy pill to swallow for recent college graduates as hiring freezes took effect.
So how do I feel about student loan forgiveness?
I guess you’ll have to read between the lines. Until next everyone… Stay Strong! 💪 Fight On! 🥊 And have No Debt But Love.
Peace and Blessings!