A common misconception regarding student debt refers to the policymaker’s blind eye and inaction, seemingly as if time would solve the problem. With the current state of the economy coupled with COVID-19 preventative measures, colleges and universities are less likely to be see as a path to high-paying jobs, but rather the lesser evil and an escape from the worst-paying ones. Racial wealth gaps have also taken on a role, with nearly half of Black graduates owing more on their loans than their initial balance. With the prevalence of student debt, many will have to continue paying off their loans until being able to start saving for their retirement at 70 years old. Many policies made to increase government aid had been at the expense of minority populations, much like FDR’s New Deal. With the overwhelming responsibility of student debt and loans, many will have to wonder about the alternative option and their proposed outcomes.
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