A new round of Biden`s student loan debt relief is aimed at some of the students who need it most – students who attended art programs that failed to provide them with valuable jobs after graduation!
The media is abuzz with the news that the administration is poised to offer around $6 billion to 317,000 students.
A Closer Look at the Challenge Facing Art Graduates
“This institution falsified data, knowingly misled students, and cheated borrowers into taking on mountains of debt without leading to promising career prospects at the end of their studies,” Biden said on the issue, according to NPR and other sources. “We will never stop fighting to deliver relief to borrowers, hold bad actors accountable, and bring the promise of college to more Americans.”
Focusing on the Arts: Why This Relief Matters
In one of the more targeted new moves to help borrowers with student loan debt, there’s a specific focus on arts and humanities majors. This sector of higher education has been turning out graduates for decades, without a real plan for serious employment. The whole thing has reached a fever pitch in an economy where specific marketable skills are more and more important.
By the Numbers: The Average Debt and Relief Offered
Art students’ average debt is estimated at $32,700. Biden’s plan allocates $19,000 per student. The art department likely faces higher debt due to fewer high-paying jobs in this field. The art world, in addition to this, has also been negatively affected by digitalization. It has become a much more competitive landscape, with a higher demand for digital art skills. Something traditional art majors have not been implementing fast enough. with a need for different skills.
The Bigger Picture: Biden`s Student Loan Debt Relief Reach
The Biden program is set to help over 548,000 borrowers who enrolled in low financial value programs or institutions.
This, combined with programs like the Public Service Loan Forgiveness program and the SAVE plan helps students in paying back their loans in responsible ways. Yes, the Biden administration initially wanted a broader initiative, but it was winnowed down by political opposition. Still, the White House has been able to make a dent in the problem!
Ongoing Challenges in Education Policy
Individual schools are anticipating problems with financial aid applications giving students more time to fill out their forms. City University of New York is one school that has moved the deadline from May 1 to June 1 in order to help students.
CUNY Chancellor Félix V. Matos Rodríguez underscored the pivotal role of financial aid in college decisions. He highlights how delaying commitment day provides flexibility for students and families, empowering more New Yorkers to access public higher education.
Will Students Pursue Art Majors in The Future Without Financial Aid?
One is that the incomes simply don’t match the debt. There are a number of concrete reasons for this, including
- significant inflation,
- an expensive housing market,
- and other headwinds that a new generation of students and non-students face together,
- as well as lenders and loan servicers that might not be playing fair, or acting in good faith to help borrowers succeed.
It also begs the question: will we still have art majors in the future? Or will this department crater due to lack of financial aid and security, due to lack of support from the society at large? Do we want this to happen? If not, we may have to be more deliberate about valuing the arts.
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Keep exploring our page with insights into deceptive practices in student lending, from data falsification to communication barriers that hinder borrowers’ progress. For up-to-date information and financial protection strategies, consult reputable sources like the Consumer Financial Protection Bureau (CFPB). Navigating student loan debt is complex, but with the right support, you can effectively manage your finances.
