This Thursday, Senator Joe Biden released his educational plan for the upcoming presidential campaign. The policy outlines several major points and places a significant focus on relieving student debt nationally.
While other presidential candidates have included impressive student debt cancellation plans, Mr. Biden has modestly proposed a reduction by around fifty percent.
In his initial campaign proposals, Mr. Biden was rather scarce in addressing the student debt crisis.
However, after his democratic opponents released their education plans, it became clear that several of the presidential candidates will be focusing on this problem.
This most likely led Mr. Biden to revise his take on the educational plan and include more measures regarding the rising levels of bad student credit.
Student loan crisis
While Mr. Biden has revised his education plan accordingly, the future of student indebtedness in the United States remains unclear.
The country is currently going through a severe student loan crisis, which has been gradually building up over the past few decades. As universities are continuously raising tuition fees, and the cost of living in the country increases, students often find themselves unable to return their student loans.
According to recent reports, the cost of a higher education course at the moment is between two and three times higher than what it used to be for the previous generation of students.
Unfortunately, this has made it harder for students and graduates to pay back their loans on time, which often causes significant disruptions to their financial stability.
Because the majority of student loan holders are having difficulties with their expenses, the government has to think of ways to remedy this crisis.
Hopefully, with the presidential election in 2020, a change will come to the educational sector, and especially to the way universities structure their tuition fees. At the moment, the United States is facing a potentially disastrous level of bad student loans. Maybe a better education plan is in the offing.