Student loans

Tuition Rise, Student Loan Debt Hurting Ohio State Students

COLUMBUS, Ohio (WCMH) – Millions of Americans are struggling to pay off their student debt.

President Biden is hinting at signing into law a pardon plan, but a new bill introduced by Republican U.S. Senator Mitt Romney could block that.

He and other Republicans have said canceling student loans is unfair to those who have paid off their loans or missed college and would only increase inflation.

The Student Loan Accountability Act would prevent the Biden administration from implementing an all-forgiving program — but would provide exemptions for the targeted forgiveness of existing student loans.

Ohio State University student Jacob Chang said he disagreed.

“It’s absolutely crucial for students to be in good financial health to be able to pursue their careers,” Chang said.

Chang fears that blocking student loan forgiveness will prevent young adults from reaching their full potential.

“Having a loan they have to pay back after graduation limits their ability to think about what they want to do,” Chang said. “Because if I had a $50,000 loan, I wouldn’t consider going to law school or medical school.”

Biden has been promising relief for millions of Americans struggling with undergraduate student loan debt for months, but has taken no action.

A forgiveness program would be designed for low to middle income people. Currently, there are trillions of dollars in student loan debt in the United States.

Ohio State alumnus Cassandra Cordy said if this continues, she thinks people will start looking for other options after they graduate from high school.

“More people might start looking at other routes instead of the four-year college route right out of high school, because that’s not the only route for people these days,” Cordy said.

Ohio State University on Thursday announced a tuition increase for freshmen — an additional $569 per year for in-state students and $1,703 for out-of-state students.

Governor Mike DeWine released a statement shortly after the announcement expressing his contempt for the tuition hike. Ohio State student Cole Komlosi said his friends already had to get multiple jobs to keep up, and rising tuition would add to the financial strain.

“Mere inflation in general causes a lot more problems,” Komlosi said. “So for tuition to be increased, it would only increase that.”

On Friday, U.S. Representative Joyce Beatty, chair of the Congressional Black Caucus, condemned the Biden administration in a social media post:

It reads:

“The $1.7 trillion student debt crisis is a racial and economic justice issue that disproportionately impacts Black communities across the country. We call on the Biden administration to implement large-scale student loan debt cancellation through executive action. We are committed to working with the administration to explore all options and are asking to meet with the president,” Beatty said.

“This is a crisis created by political decisions and we have a responsibility to face it head on. Canceling student loan debt is one of the most effective ways to address economic inequality. persistent racial and racial inequalities that plague our country. As representatives of more than 17 million Black Americans. The urgency of this moment demands that we move with intention. To close the racial wealth gap and advance a just and fair economic recovery for all, we need to ease the burden of student debt, nothing is on the table but inaction,” Beatty said.

The president has until the end of August to decide on an action plan.