How much does the average American owe in student loan debt?
Current Event Friday
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Critical Analysis
Find answers to the following questions using the visual above, any links below, your big brain, and your knowledge of American government and politics:
Based on the data from the visual above, as of Q4 (the fourth quarter) of 2022, how much did Americans owe in student debt?
Based on the data from the visual above, describe what has happened to the size of American student debt since 2006.
Since 1995 student debt has increased 7 fold (times). Currently, across the United States, 45 million people owe $1.75 trillion for federal loans taken out for college — more than they owe on car loans, credit cards or any consumer debt other than mortgages. Why do you think student debt has ballooned (grown so much bigger)?
During his presidency, Joe Biden announced the SAVE Plan which would cancel $10,000 of student debt for millions of Americans and as much as $20,000 for low and middle income groups who have received a Pell grant in the past. The loans would be given to those who earn under $125,000 per year, or whose families earn under $250,000 per year. Those plans were cancelled under President Trump whose Education Department announces a deal to end Biden's SAVE student loan. How will student loans impact your school and career choices?
The average federal student loan debt balance is $37,717. If you go, how do you plan to pay for college?
Mr. Biden used executive action, rather than legislation, to forgive the loans. Based on your knowledge of the U.S. political system, why did Biden use executive action instead of going through the legislative process?
The Supreme Court ruled on July 30, 2023 that the Biden administration had overstepped its authority with its plan to wipe out more than $400 billion in student debt, dashing the hopes of tens of millions of borrowers and imposing new restrictions on presidential power. How is this an example of checks and balances?
When creating a new nation, one of the main concerns of the Framers was to prevent tyranny. The Declaration of independence was basically a break up letter from the American colonists to King George III. If president Biden can simply use an executive order to wipe out student debt, or if President Trump can simply use an executive order to target law firms, what else could a president do, and are these executive orders example of governmental overreach and tyranny?
All of that student debt comes from people borrowing money to go to school (college, community college, graduate school, professional clown school, etc.). One reason student debt is going up is because government funding for schools is going down (there are other reasons as well). Make a claim about whether the U.S. government should increase educational funding.
The data from the visual comes from the U.S. Federal Reserve. The Federal Reserve System is the central bank of the United States. It performs five general functions to promote the effective operation of the U.S. economy and, more generally, the public interest. If you are still awake, you can read a little bit more about the Federal Reserve (known to its friends as, “The Fed”). In your own words, describe the job of the Fed.
Write and Discuss
Take ten minutes to write about the question at the top of the page and then discuss with your classmates.
Act on your Learning
Contact the White House and let President Trump know what you think of his decision to stop Biden’s cancellation of student debt.
Get Creative
Write your own executive order about student loans.
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