Less than seven months before the 2024 election, President Joe Biden visited Madison College on Monday, April 8, to promote his new federal student loan relief plan.
He delivered remarks at the Truax campus, inside the H. Douglas Redsten Gymnasium, and spoke about the new loan forgiveness plan and its highlights.
The president spoke to a packed audience, including Wisconsin Gov. Tony Evers, Madison Mayor Satya Rhodes-Conway and U.S. Rep. Mark Pocan (D-Wis.).
Madison College president Jack Daniels, Executive Vice President of Student Affairs Dr. Tim Casper, and state and local tribal leaders were also present.
Introducing Biden were two former students of UW-Madison, Ashley Storck and Sam Leary, life and business partners. Both have amassed $75,000 in student loans. Still, thanks to the president’s Saving on a Valuable Education (SAVE) plan, which offers a lower monthly bill and provides a shortcut to loan forgiveness, their $700 monthly payment has been reduced to $0.
Biden, who was welcomed with thunderous applause, told the audience that while a college degree is still a ticket to the middle class, that ticket is becoming much too expensive.
“Too many people feel the strain and stress, wondering if they’re going to get married, have their first child, start a family,” Biden said.
Biden said that even if families can get by, they still have crushing debt.
“It’s not just a drag on them. It’s a drag on our local economy if you can’t afford to buy a home, start that small business or chase that career you’ve been dreaming about,” Biden said.
It has been nearly a year since the U.S. Supreme Court struck down his administration’s attempt to cut debt for millions of college students. In a 6-3 decision, the court ruled that the Department of Education exceeded its authority when it attempted to wipe out over $400 billion in federal student loan debt.
Biden outlined the new Student Debt Relief Program and highlighted the specific loan forgiveness areas.
Unlike the previous plan, this plan includes new borrowers who fall into specific categories, such as public service employees facing financial hardship that prevents them from repaying loans.
Additionally, the plan targets those who have made payments for decades but are holding debt with interest that’s now bigger than the amount initially borrowed. They would have their debt canceled under the new program.
In addition, loan forgiveness would be offered to graduate students who began paying 25 years ago.
Kai Brito, president-elect of the Student Senate, said he appreciated the speech overall but wished Biden had emphasized the “technical” college aspect more.
While Biden did mention chip manufacturing and the technology degrees offered at Madison College, Brito would have liked him to have delivered more information about programs such as manufacturing, production and the automotive industry.
“He did a little bit of emphasis on technical colleges. I just wish he had a little bit more. Because we’re at a technical college. There has to be a reason why he chose us,” Brito said.
Brito said he would have liked to have heard about the pathway from a technical college to a four-year degree.
Storck and Leary, who made introductory remarks, were grateful they had the chance to speak at the gathering and showcase the SAVE plan, which has saved nearly 2,000 Wisconsin borrowers $13.8 million.
The plan offers a lower monthly bill, shortening the time for loan forgiveness. Monthly payments are based on income and family size and are readjusted yearly.
“Being first-generation college students, it was an amazing opportunity to be able to share our story that I feel a lot of Wisconsinites and I share,” said Storck, who owns Marketing Media with Leary.
“Coming from rural Wisconsin and having to take student loans, I think it’s super important to highlight the impact that the SAVE program and other programs that the president has announced and instituted have had on the future of Wisconsin,” Storck said.