Student loan debt has plagued Americans for years, but it has been an issue that few politicians dared to address. During his 2020 presidential election campaign, President Joe Biden made waves by making a promise to millions of Americans that he would forgive their student loans. Though Biden’s policy is undeniably providing much needed immediate aid to millions of middle-class Americans, it doesn’t do anything to prevent the system that leaves Americans little choice but to take on student loan debt.

A common sentiment among the detractors of Biden’s student loan forgiveness plan is that it is unfair to those who have already made sacrifices to pay off their student loan debt. People had to make life altering-decisions due to their student loans. Some had no option but to take equally crippling mortgages, others forwent their vacation plans — regardless of the details, the general quality of life of those who scrapped every penny they had to pay off their student loan debt has been low. It is not difficult to understand the feeling of injustice they feel: after all those years of sacrifices, they get no rebate while others get bailed out from the get-go. 

Though the antipathy of many is understandable, it is still important to clarify that this kind of mindset is a dangerous one to have. As a society, improving the quality of life of the majority must be a goal shared by everyone. Future generations should not be subject to past sufferings if there is something that can be done about it. The real issue with Biden’s student loan forgiveness plan doesn’t lie in the “unfair situation” it creates — it lies in the fact that it is merely a band-aid solution that fails to address the root cause of the issue. Biden’s student loan forgiveness plan will certainly relieve millions of Americans, but when everything is said and done, every taxpayer is still forced to shoulder the artificially inflated price of education in the US. 

Some point out that taking on a debt to obtain a college degree is a choice that people make. They argue that a college degree is not necessary to make a living, the most mentioned alternative being joining a trade. The real issue here is not that people blindly pursue college degrees, it’s that institutions themselves instill the belief to most people during their formative years that a college degree is the only ticket to a middle class life. It’s also undeniable that a college degree is indeed necessary for most people as it has become a minimum job requirement for most professions — after all, not everybody can join trades. Biden’s plan doesn’t address how much of a premium has been put on college education and how educational institutions have taken advantage of it for their own capitalistic gains. In fact, the policy itself is telling of how much importance has been given to college degrees; only those who have finished their degrees are eligible for compensation.

In his announcement, Biden said that his plan will “fix a badly broken system”. The reality is that the system will still remain in place, if not further emboldened. With the taxpayers being forced to shoulder the exorbitant price of education in America, what is stopping institutions from further gouging tuition fees? Would it not only encourage predatory institutions since they now know that future borrowers will be more willing to take on debt with the knowledge that the government will provide aid to them? 

The US is inarguably the country most known for student loan debt. Education is a right, and as such, it is affordable in virtually every other country. It’s fascinating that the nation most people consider to be the leader of the free world allows a system that bankrupts people in order to receive proper quality education. Biden’s student loan forgiveness plan is a much needed sigh of relief for the middle class of America, especially since most are still recovering from the COVID-19 pandemic; however it fails to address, if not exacerbates, the root cause of the badly broken education system in America.