Democratic presidential candidate Joe Biden revealed an ambitious student loan plan while addressing a group of Gen Zers at a town hall meeting in Florida on Oct. 5.

The former vice president said he will eliminate student loans for those whose families make under $125,000.

“You get all these degrees, you end up with all this debt, and you’re in a position where you can’t get a job because no one is hiring or they’re hiring at very low wages," the 77-year-old presidential hopeful said to an attendee who'd asked about Biden's plans for his generation. “That’s why I’m going to eliminate a lot of your student debt if you come from a family less than $125,000, and you went to a public university.”

Biden made more promises for Gen Z.

"Everybody in this generation gets $10,000 knocked off of their student debt as we try to get out of this god-awful pandemic," he said. “We’re gonna make sure we recognize you and advance you."

According to Forbes, student loan debt has continued to grow in the past 10 years, increasing from around $830 billion in 2010 to $1.6 trillion last year. With more than 40 million Americans with student loans, the financial burden has become the largest form of consumer debt carried by Americans, aside from mortgages, Forbes reported. Studies show that in 2013, college students were graduating with an average of $30,000 in student loans. The number increased to $37,000 three years later. According to a 2019 survey from Politico, 54% of the respondents said student loan is a major problem for the country. 

The burden is weighing especially heavy on Black students as Blavity previously reported. A report from the Center For American Progress showed the extent of the crisis. According to the study, the median debt for a Black student borrower finishing graduate school is 50% higher than that of a white borrower. 

As part of his effort to relieve economic hardships, Biden proposed a $15,000 credit towards a down payment for first time homebuyers.

“This is how people accumulate wealth,” he said. “This is how people get started. We have to recognize you and advance you. You are the future.”

Biden, who previously hesitated to say he'd be willing to cancel student loan debt, has shifted his perspective in the wake of the pandemic and recent racial justice protests, Forbes reported. 

The young man at the meeting identified school shootings, police shootings and low wages as some of the main concerns for his generation. He then asked Biden if the American dream still exists despite the hurdles and how Biden plans to represent Gen Z.

"I guarantee it still exists," the presidential candidate said. "I view myself as transitional president. It's transition to your generation. You're the best educated. You're the most open, the least prejudicial generation in American history.  The future is your and I'm counting on you."

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