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You may have heard Kamala Harris talk about the “opportunity economy” on the campaign trail. She says this means an economy built on equity where you don’t need a trust fund to find a well-paying job, own a home or fulfill your dreams. At its core, it’s about creating an economic system that works for everyone, not just the wealthy few. But here’s the catch: Harris’ vision for an opportunity economy won’t work unless we confront… huge student debt problem it weighs on all of us. Right now, more than 43 million Americans owe a staggering $1.7 trillion in student loans. That’s more than the entire country spent new cars, clothes and shoes so far this year.

The future Harris describes is one in which everyone has an equal chance to succeed. But how can we have a fair economy when so many young people are drowning in student loans? This isn’t just a personal issue – it’s an economic problem that affects the entire country. When young people cannot invest in their future, it hinders everyone’s economic development.

The truth is that the opportunity economy Harris envisions will never fully develop unless we tackle the overwhelming burden of student debt that holds millions of people back from progress. While Harris has been a strong supporter of debt relief and affordable college, solving this crisis must be at the heart of any serious plan to create an inclusive economy.

What the Biden-Harris Administrator Has Accomplished on Student Debt Cancellation

To her credit, Kamala Harris has long recognized the damage student debt does to our economy and has been fighting for years to fix the problem. When she ran for president in 2019, Harris was one of the loudest voices calling for targeted student debt cancellation and free community college. She understood that Student debt doesn’t just affect individuals — it is a systemic problem that exacerbates inequality, especially for Black and brown communities disproportionately burdened by student loans.

Since becoming vice president, Harris has continued to push for significant student debt reduction. Along with President Biden, she helped lead the administration’s efforts to wipe out this community over $170 billion in student debt for nearly 5 million borrowers. It was an important victory, especially for low-income borrowers and people of color struggling with the highest levels of student debt. The administration also introduced significant changes to the act Public Service Loan Forgiveness Program (PSLF).making it easier for people working in public services – such as teachers, nurses and government workers – to get loan forgiveness.

In addition to canceling student loans, the administration also took steps to expand Pell Grants and other forms of financial assistance to help low-income students afford college without taking out huge loans. They are struggling to get it done too income-driven repayment plans are easier to manage for borrowers – limiting monthly payments on bachelor’s loans to 5% of the annual income of a borrower earning more than 225% of the federal poverty line – and making it easier to repay the loans without sacrificing their ability to live and invest in the future.

Free college is key to the opportunity economy

The Biden-Harris administration has made important progress on student debt relief, and they deserve credit for it. While these achievements are significant, they are not enough to truly solve the student debt crisis or make Harris’ vision of an opportunity economy a reality for college students and graduates. The problem is too huge, and without major changes, millions of Americans will continue to be stuck paying off their loans for decades.

Harris is praising her efforts making the student loan system fairer and more manageable for borrowers: fighting student debt, increasing college accessibility through financial support such as increasing the Pell Grant award, and investing in Historically Black Colleges and Universities (HBCUs), tribal colleges, Latino-serving institutions and other institutions serving minorities.

While these proposals continue to provide some relief, they do not fully address the root of the problem: the skyrocketing costs of college increased by 36.7% since 2010. This means that more and more students are forced to take out loans just to get the education they need, perpetuating the cycle of debt. This is where free college comes in. If we truly want to create an opportunity economy, we need to make college free for everyone. A college education is no longer a luxury – it’s a necessity for most high-paying jobs in today’s economy.

Freeing up studios would be a game changer. This would remove one of the biggest barriers to opportunity and give millions of young people the chance to pursue their dreams without the burden of debt. Free college education would also help close the gap between rich and poor, ensuring everyone – regardless of background – has access to higher education.

The path forward

Vice President Harris’ vision for the opportunity economy is bold and inspiring, but it will be impossible to achieve if we do not address the student debt crisis. It’s like trying to run a race with a 50-pound weight strapped to your back – but it doesn’t happen. While the Biden-Harris administration has made significant progress, we need more aggressive actions like free college and broader debt relief to truly give young people a fair chance to succeed.

The opportunity economy won’t build itself. It is up to all of us to demand bold policies that address the root causes of inequality and eliminate the student debt trap. If we want a future in which we can thrive, we must fight for it.

Harris must seize this moment to create real, transformative change – not just as economic policy, but as a moral imperative for the future of young Americans. Our generation has the power to pursue a better future, and Harris can help make that future a reality. Let’s make our voices heard and fight for a future where student debt no longer holds us back.

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Originally appeared Teen Vogue

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