CARBONDALE, Ill. (WSIL) -- Student loan debt cancellation was an idea floated by lawmakers during initial discussions for COVID relief but it didn't make it into the final bill.
Kevin Sylwester, director of the school of analytics, finance & economics at Southern Illinois University Carbondale, says the bill focused on helping businesses that survived the pandemic, not just students.
"Businesses staying open and operating at full capacity, this bill does nothing for that," Sylwester said. "That's a completely separate issue."
Some of Sylwester's concerns revolved around how the debt would be paid for, such as raising taxes. If the debate sparks again, Sylwester believes lawmakers will have to be careful not to choose one debt over another.
"Do you think it's fair for those both in debt and those who don't have student loans but might be facing other types of debts?" Sylwester said. "Why then should we just focus on student debt?"
According to the office of Federal Student Aid, more than 9.6 million students between $20,000 to $40,000 in student loans. It's the debt group with the largest amount of borrowers.
One of those borrowers is Michael Gunn, an SIU student from Robinson, Ill. who is majoring in international studies. Once he graduates, Gunn will have more than $30,000 in student loans to pay off.
"I haven't really thought about how long it's going to take," Gunn said. "I honestly expect it to be probably the majority of my life."
Gunn says he doesn't know how to simply solve a complex problem, but adds there needs to be a solution to help millions struggling with debt. Sylwester says that solution won't come easy, despite its gains.
"It could certainly help students' balance sheets, their personal finances," Sylwester said. "There's reasons why this is not going to be a silver bullet that greatly helps our current situation."
