Young Minnesotans excited about Biden's pitch to cancel $10,000 in student loan debt
January 28, 2021
Abdulaziz Mohamed can hardly fathom the idea of having his student loan debt wiped away. The University of Minnesota sophomore, who has amassed about $10,000 in debt, often thinks about his job prospects and whether he will be positioned to quickly pay off the loans.
President Joe Biden's call to cancel $10,000 in federal student loan debt for all borrowers gives Mohamed hope of a future where young people aren't crushed by debt. "That would be a huge lift off my back," he said.
The debate over how to tackle the mounting student debt crisis has intensified since Biden was elected, with the president supporting some loan forgiveness through legislation and top Democratic senators pressing him to cancel up to $50,000 per borrower via executive action. Minnesota college students and advocates are excited about the possibility of loan forgiveness, but they acknowledge more sweeping changes are needed to protect future borrowers from falling deep into debt.