I’m a college student who relies on federal student loans to pay for my tuition and living expenses. If the debt ceiling was not raised or suspended, I would have been in big trouble.
You see, if the government defaulted on its debt, it would have stopped issuing new loans and grants to students like me. That means I would have had no way to pay for my education. I would have had to drop out of school and find a job, which would have been hard in a recession. I would have also faced higher interest rates and fees on my existing loans, which would have made it harder to pay them back.
Thankfully, that didn’t happen. The debt ceiling deal ensured that the government can continue to borrow money and fund programs like student aid. That means I can continue my studies and pursue my dreams. I