Skip to main content
Tuesday, November 10, 2026Nov 10

Student loan crisis awaits new generation despite Biden plan

New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. President Joe Biden’s student loan cancellation offers a life-changing financial break for millions of Americans. But for future students heading to college under the same conditions that created today’s debt, critics say it offers little help. Chief among the causes of today's rising student debt is the cost of college. (AP Photo/Seth Wenig, File)
New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. President Joe Biden’s student loan cancellation offers a life-changing financial break for millions of Americans. But for future students heading to college under the same conditions that created today’s debt, critics say it offers little help. Chief among the causes of today's rising student debt is the cost of college. (AP Photo/Seth Wenig, File) New graduates walk into the High Point Solutions Stadium before the start of the Rutgers University graduation ceremony in Piscataway Township, N.J., on May 13, 2018. President Joe Biden’s student loan cancellation offers a life-changing financial break for millions of Americans. But for future students heading to college under the same conditions that created today’s debt, critics say it offers little help. Chief among the causes of today's rising student debt is the cost of college. (AP Photo/Seth Wenig, File)

WASHINGTON (AP) — For millions of Americans, President Joe Biden’s student loan cancellation offers a life-changing chance to escape the burden of debt. But for future generations of students, it doesn’t fix the underlying reason for the crisis: the rising cost of college.

The specter of heavy debt will still loom over current high school seniors — and everyone after them — since the debt cancellation only applies to those who took out federal student loans before July 1.

Among the main causes is rising college tuition: Today’s four-year universities charge an average of nearly $17,000 a year in tuition and mandatory fees, more than double the inflation-adjusted average from 30 years ago, according to federal data.

Biden’s failure to tackle the broader problem drew reproach from Republicans along with some of his fellow Democrats.

Sen. Catherine Cortez Masto, D-Nev., said the loan cancellation “doesn’t address the root problems that make college unaffordable.” Instead she called for expanded Pell Grants reserved for low-income students, and targeted forgiveness for borrowers in need. Other critics included Sen. Michael Bennet, D-Colo., who said the forgiveness should have been joined by action to address the “absurd” cost of college.