On October 1^st, the Biden Administration announced the resumption of student loan payments. According to CNBC, 40 million people will be receiving a monthly bill that has been absent for a little over a year. During the pandemic, employment was low because of the fear of spreading COVID-19, leaving people with loan payments in a bind. In April of 2022, the administration implemented student loan forgiveness. This meant that payments on student loans would be put on hold, allowing students to continue to survive through the trying times of the pandemic with less financial stress. According to the U.S. Department of Education, more than $116 billion has been forgiven during the freeze, but now, payments for these debts will resume.

Biden implemented this easement when he stated that he wanted to prevent students from compiling “unsustainable debt.” Students could momentarily rest easy knowing that their payments would not be collecting interest.  However, with the cost of living rising, as is tuition costs, the need for student loans has only increased. This unfortunately comes at a time when living comfortably is already becoming more difficult, even without the stress of student loans. The cost of these loans may not have gone up, but the ability to afford to survive in today’s economy certainly has.

In the years between 1992 and 2022, tuition has basically doubled, leaving people who are not financially able to pay for school looking for federal aid, thus, taking out student loans. According to CNBC, state school tuition has increased from $4,160 to $10,740 and private schools have gone from $19,360 to $38,070. This tuition increase coupled with the administration’s goal to prevent unsustainable debt brings the cost of living into question.

The cost of living in Missouri is the 7^th cheapest to live in, ranking 89.9 on the cost-of-living scale in 2023, according to the Missouri Economic Research and Information Center. States like Hawaii and California rank in the high hundreds. Another factor to consider when assessing student debt is the amount of time it would take to complete payment. According to the Education Data Initiative, it should ideally take 10 years for student borrowers to pay off their debts entirely. However, the reality is that on average it takes them 20 years or more to pay them off, hindering them from buying houses, cars, or making other large investments.

The idea that one can only survive in the adult world with a college education fuels the need for people to take out student loans. They feel that they must graduate to compete in the job industry to adapt to the ever-changing cost of living in America. You must learn more to provide valuable assets to a business so that you can make enough money to survive. A vicious cycle that many young adults find themselves in right now.

Though the administration has tried to help students avoid outstanding debt, the ever-fluctuating economy has managed to create another metaphorical bump in the road. We, as both Americans and college students, are left to adapt to the changing world, no matter how hard the government aims to aid us.