PRESIDENT BIDEN LOOK INTO STUDENT LOAN DEBT TO PROFER A RELIEVE PACKAGE

President Biden might cancel student loan debt according to his campaign promises

PRESIDENT BIDEN LOOK INTO STUDENT LOAN DEBT TO PROFER A RELIEVE PACKAGE
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President Biden has said that his administration is looking into whether he can cancel student debt using executive action. But will he ultimately decide to enact broad student loan forgiveness? And if so, what will it look like? Student loan borrowers may have answers soon.

Biden has said that he supports cancelling student debt, but he has opposed calls for $50,000 or more in student loan forgiveness, as suggested by student loan borrower advocacy organizations and congressional Democrats.

He has supported a smaller amount of $10,000 in student loan forgiveness since the 2020 presidential campaign, although he has not firmly come out against a higher amount.

Biden has also argued that any student debt cancellation should be targeted, potentially based on income or the type of school the borrower attended.

This shows that It’s more like a class action settlement. Higher Education was turned into a debt farm. Pell grants only cover ~20% these days, so debt is the only choice for the majority.

What will happens going forward? Will anybody do student loans anymore knowing the agreement isn’t worth the paper it’s written on?


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