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Last time I wrote an article for Let’s Detroit was just at the beginning of August, right before the primary elections. Those elections are done, most of the ballots have been counted, I still haven’t gotten my Amazon package that promised two-day shipping, and now there’s another election coming up. But that last article I was trying to convince you that your primary vote matters because it decided key races in your gerrymandered district and will determine whether or not you will get a dog park. This time, however, our general election determines how some of the bigger issues are handled, and I’m talking big, $1.5 trillion big[1].

That’s right, $1.5 trillion, the amount that people like me and you owe the federal government and private loan vendors for going to two- and four-year colleges. This massive hole in our pockets prevents us from moving out of our parents’ house, taking that backpacking trip across the Baltics, and is something that politicians have begun to ponder on how to fix. Because it is a federal loan problem, only the federal government can do something about it. Love it or hate it, there are only two national platforms to address the problem and I hope you consider voting for either of them this November. Below is a short summary of both presidential candidate’s plans to help Americans tackle student loan debt.

Joe Biden’s Plan

• Simplify and increase the generosity of the federal income-based repayment program.
  • Individuals making over $25,000 will pay 5% of their discretionary income towards their federal loans. After 20 years, these loans will be forgiven.
• Change the tax code so that debt forgiven through the income-based repayment plan won’t be taxed.
• Create a public servants loan forgiveness program.
  • Provides $10,000 for every year of national or community service, up to five years. This would be retroactive and also include those that work in schools, government, and some other non-profits.

President Donald Trump’s Plan

• Paused federal student loan repayment plans and interest during COVID-19.
• Cap the amount of student loan debt students and parents can take on.
• Reduce the number of repayment plans available for federal loans.

[1] https://www.brookings.edu/policy2020/votervital/who-owes-all-that-student-debt-and-whod-benefit-if-it-were-forgiven/#:~:text=Student%20debt%20is%20a%20big,bigger%20than%20credit%20card%20debt.

Written By Let’s Detroit Adam Majestic