College graduation
When Juan Antonio Sorto moved to America at a young age, he realized that education was the key to the American Dream.
He took on a $250,000 student-debt load to achieve that dream.
"If you're going to do something, then do it," he wants an answer on Biden's plan.
After high school, Juan Antonio Sorto thought his education was over.
Sorto was 6 years old when his family moved to Houston and faced the challenge of navigating a completely new culture while maintaining his Latino roots. He said it was part of the plan to get to high school.
Sorto had a different plan. He realized higher education could be a reality after attending a college fair his senior year of high school. He was able to attend a local university thanks to grants. He wanted a Master's degree and a PhD in order to progress in his career as a parole officer.
He has student debt of $250,000.
Sorto told Insider that he had to continue to provide for his mother and grandmother and that he had no choice but to accumulate debt. I had to pay to achieve the American Dream.
Sorto knows he took on debt, but experts agree the student-loan system is confusing. It can lead borrowers to seek financial assistance on their education, which can lead to a lifetime of debt.
Juan Antonio Sorto is a first generation college student with $250,000 in debt.
Latino borrowers are disproportionately impacted by the student-debt crisis. Millions of people carry lifelong debt in pursuit of the American Dream, and scholarships for low-income students and loan-forgiveness programs for public servants barely make a difference.
Even though President Joe Biden has extended the pause on student-loan payments until May 1, pressure is ramping up for him to cancel debt, an issue he prioritized in his presidential campaign but has been largely silent on since.
Sorto has never had a form of debt other than student loans.
"My family will be okay, but I'm not going to be okay because that loan is under my name," Sorto said. I was willing to pay that price for my family to be financially secure.
I believed that college was the American Dream.
One of Sorto's first memories is going with his family to a buffet-style restaurant after moving to Houston. He got seven trays just for himself because he was so impressed with the food options. His family had to adapt to the American way of life.
Sorto didn't have a father in his life. He took care of his sister while his mother worked. He picked up side jobs to help support his family.
Although his mother did not see the importance in going to college, he believed that college was the American Dream.
Latino students take out loans at a higher rate than white students, according to the Student Borrower Protection Center. Latino borrowers owe more of their initial loan balance than white borrowers twelve years after starting college.
Juan Antonio Sorto has his mother and grandmother with him.
Sorto said that college was viewed as a luxury. My mother did not know how much a college degree would affect our career, so she was adamant on me pursuing a trade degree, a mechanical degree, an electrician degree or something that was a six-month or yearlong course.
Sorto used his bachelor's degree to serve as a parole officer for 12 years. He joined the Great Resignation last year because of his mental exhaustion. While he was working as a parolee officer, he started pursuing a PhD and is now working as a community developer in low-income neighborhoods. He believes he accomplished his goals despite his student debt load.
Sorto said that he was happy to know that the chains within his family had been broken and that they were no longer going to be looked upon as uneducated, poor people.
Despite the student debt that came with his education, Sorto is proud of the life he has created for himself and his family. The student-loan system is an "all-you-can- eat" industry, but that doesn't mean it's easy to take out loans.
The student-loan industry needs reform.
Sorto said the process to get assistance paying off his debt was so confusing he was not alone. Lawmakers and advocates have been scrutinizing student-loan companies for decades over misleading behavior that can keep borrowers paying off debt longer than they should.
Insider spoke to three federal borrowers in July who were struggling to pay off their debt, but they weren't asking for loan forgiveness, they were simply asking student-loan companies to pick up the phone and help them.
One person told Insider that nobody wants to help them. You don't know how to get help. Even though you go back and forth, the servicer and the lender don't know what's going on.
Lawmakers are keeping an eye on the issue. Elizabeth Warren told Insider in July that student-loan-debt servicers can't sign a contract, do a lousy job, cost borrowers tons of money, and still get their contracts renewed. PHEAA, one of the largest student-loan companies accused of engaging in misleading behavior, announced plans to end its federal loan servicing contract.
The industry is undergoing reforms. Sorto wants to make sure the administration follows through on Richard Cordray's warning that student-loan companies will face consequences if they don't adhere to higher standards.
Sorto said to stop politicizing his job. "This is not a game, and I feel like that's what it's become to them." If you are going to do something, then stop playing political games.
Do you have a story about student debt? You can reach out to her at asheffey@insider.com.
The original article is on Business Insider.
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