More than a million Americans appeal to Biden to write off student debt

On the famous petition website Change.org, a petition was created calling on US President Joe Biden to write off the overwhelming debt of Americans on student loans. She has already collected over a million signatures. CNBC.

Every day Austin Hossfeld types the same words into Google: "Biden" and "student loans."

“It’s often the same articles,” Hossfeld, 26, said. - I re-read them. In the evenings I talk about this to my wife.”

Like many Americans, the Carroll, Ohio resident is hungry for any new information on what President Joe Biden may decide to (if he chooses) about the $ 1,7 trillion Americans' outstanding student loan balance.

Recently an Internet search led Hossfeld to petitions on Change.org with an appeal to the president to write off all this debt.

Hossfeld signed it - and there are already more than 1 million other signatures.

“It’s a simple task to help the lives of millions of people,” he said.

On the campaign trail, Biden said he supported $ 10 student loans for all borrowers, but he recently asked the head of the Department of Education to prepare a memo on his legal authority to write off the total $ 000 debt for everyone. This came after the president faced growing pressure from other Democrats, including Senate Majority Leader Chuck Schumer of New York and Senator Elizabeth Warren of Massachusetts.

More and more often, borrowers are demanding debt relief from the president.

Erin O'Brien, associate professor of political science at the University of Massachusetts in Boston, said the petition is likely to gain attention in the White House.

“Numbers matter,” she said. “This is what drives politicians.”

The poll shows that two-thirds of Americans support some form of student debt cancellation. However, only 4 out of 10 believe that all debts should be written off.

Critics argue that the write-off would not provide much of a boost to the economy because college graduates tend to have higher incomes, which are more likely to be redirected toward savings rather than additional spending. Others say forgiveness would be unfair to those who have already paid off student debt or have never taken out a loan. These borrowers “may feel their thriftiness is being punished,” Bloomberg columnist Noah Smith recently wrote.

On the subject: What debts you will never forgive in the United States, even if you declare yourself bankrupt

Advocates argue that borrowers were already struggling before the public health crisis—more than one in four were in delinquency or default—and that after more than a year of record high unemployment, that pain has only worsened.

“Prior to the onset of the Covid-19 public health crisis, student debt was already a drag on the nation’s economy, disproportionately affecting Black and Latino communities and women,” more than one wrote in a letter to the White House in April. 400 organizations, including the American Civil Liberties Union and the American Psychological Association.

“Administrative debt forgiveness will ensure real progress toward racial justice, economic recovery, and Covid-19 campaign priorities,” the letter said.

Hossfeld and his wife Hailey owed about $ 50 in student loans.

He graduated from Dominican University in Ohio in 2017 with a degree in computer science and now works as a laboratory technician. He finds the job boring and wants to become a teacher instead.

But he is afraid to go back to school and run into debt.

“I feel stuck,” he said.

He and his wife would like to have a child, but are worried that they will not be able to afford the costs of childcare and health when they have to pay $ 800 a month to pay off student debt.

“We'll talk about stimulus,” Hossfeld said, if Biden forgives their debt.

“Eight hundred dollars a month would be amazing for me,” he said. “It would allow me to start a family and find another job.” I dream about it".

"It was depressing."

Christine Angelique from Portland, Oregon signed the petition on Change.org after her mother sent her the link.

The remainder of her student debt is over $ 168.

Since earning her degree in interior design from the Portland Art Institute in 2010, Angelique has been unable to find a full-time job. The commercial college network has been criticized for misleading students about their programs and career outcomes.

“I ended up working a lot of seasonal and part-time jobs,” Angelic, 43, said. “It was depressing.”

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In 2017, she filed for bankruptcy due to credit card debt she said she had saved up to cover bills and necessities without a stable and adequate salary. During the trial, she was unable to pay off her student loans.

With the coronavirus pandemic, things have only gotten worse. In March 2020, she was fired from her job at the hotel and has not had a job since then. Some of her student loans are currently outstanding.

Six-figure debt makes her feel hopeless, even though she knows she's not alone.

“I even told my mom, ‘I wouldn’t be surprised if the suicide rate increases,’” she admitted. “You just feel trapped.” How can you move forward in life with so much debt?”

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