President Joe Biden announced on Wednesday, August 24th a student loan forgiveness plan. This plan will forgive up to $20,000 in student debt for those who have received Pell grants for low-income families. “All of this means people can finally start to climb out from under that mountain of debt,” Mr. Biden says in regard to the White House. In the United States 46 million people owe over $1.6  trillion in loans taken out for college. Almost every type of federal student loan applies for the qualifications of loan forgiveness. This statement also included another extension for federal student loan payment pause; payments will resume after 2022.

Reactions to this student loan forgiveness plan are strong. The people who are outraged about this might not be as expected. White collar, right wing, and libertarians are extremely upset about the forgiveness. They say that they can’t see how the kids today are worse off than them in debt. They see no reason to pay off the debt of low-dollar borrowers. However, the people who are enraged had their debt paid off by their parents and had no struggle at all. The main result of this anger is because they think they work harder than these kids with minimum wage jobs therefore, they deserve more and should not have to pay taxes for student loan forgiveness. What the people who are furious about taxes dont see is the amount they will actually be paying. According to NTUF, “The average cost per taxpayer making between $50,000 and $75,000 is $866.87” after doing calculations this will come down to 21 cents per day they would have to pay to have student loan forgiveness. Thinking about the little they will have to pay it should be obvious that it is reasonable to pay as a result of up to $20,000 in student loan forgiveness.