According to the U.S Department of Education, student loan borrowers owe a collective $1.6 trillion in federal and private loan debt as of March 2021.
President Biden recently announced that he would extend the current student loan repayment freeze an additional 90 days through May 2022. How far will this take borrowers, especially with the amount owed being due soon? When will borrowers receive the aid promised to them? The cancellation of student loan debt could change the trajectory of so many people’s lives. People would save money for rainy days, save for a down payment for a home, or even get caught up on past due bills. How can we build back without freeing millions of borrowers from the economic burden of student loan debt? That power lies in the hands of our President Joe Biden. With the stroke of his pen, he could lift burdens off so many people.
As a Realtor, I’ve witnessed many clients unable to purchase a home due to student loan debt. It is disheartening going through the home buying process, struggling to come up with a down payment, overcoming tax hurdles and doing all that you can to live the American dream and still can’t overcome because of student loan debt. Many people, like myself, have been counting on the cancellation of student loans to get a head start or move forward in some capacity. When purchasing my first home, I can recall that I wasn’t able to due to student loan debt. It was the most crushing and paralyzing feeling. It was hard, and I wondered how many more people felt the same way. However, once I became a Realtor, I started to see more people were relating to my story.
President Biden, people are trying to overcome the hurdle of student loan debt, but they need your help. As a leader, I’ve created a scholarship fund through the Twindle Foundation to help alleviate student loan debt to help the next person avoid facing what I went through. So, president Biden, what are you going to do? Can we count on you to keep your promise?