OP-ED: New Biden-Harris Plan to Lower Student Loan Debt is A Win All Wisconsinites Can Celebrate

In President Joe Biden’s visit to Madison this week, he unveiled a fiscally responsible plan to lower student loan debt for thousands of Wisconsinites across all ages, backgrounds, and workforce sectors.

In his speech, President Biden agreed that Wisconsinites deserve an economy that works for working families, and students who worked hard for an education deserve the promise of their efforts: financial security and the ability to support themselves and their families – not to be sentenced to a lifetime of debt.

Yet, student loan debt has been a growing problem in Wisconsin and across the country. Students who took on the responsibility to pay for their education have been increasingly squeezed as education and job training cost skyrocketed, financial aid for eligible students lagged, and refinancing loans to take advantage of lower interest rates was not possible.

That’s why, under what the Biden-Harris Administration has proposed, student loan borrowers in Wisconsin will not only achieve more financial security but also will be better able to contribute back into local economies.

President Biden’s announcement in Madison this week comes on top of a 2023 announcement from the Biden-Harris Administration of over $800 million in student loan relief under the Public Service Loan Forgiveness program and more than $650 million under income-driven repayment plans. These measures will benefit 14,130 and 13,380 Wisconsin borrowers and their families, respectively.

Finally, at a time when Wisconsin families are working harder than ever but rising costs are making it difficult to get ahead and wealthy corporations are taking advantage of predatory price gouging, families who worked hard to get their education will see some much-earned help.

Wisconsinites appreciate the Biden Administration for listening to our needs, taking action, and spending time in Wisconsin to celebrate the economic strides taking place all across the Badger State.