After President Biden Cancels Student Debt

"With more than 43 million borrowers owing more than $1.6 trillion in outstanding federal student loans, the nation is at a critical juncture on the shared problems of college cost and student loan debt. For years, rising costs, state disinvestment in higher education, and insufficient federal support for students and borrowers have all contributed to what is commonly known as a 'student debt crisis.' In response, many have called on President Joe Biden to cancel some or all student debt—a decision the president could make at any moment," the Center for American Progress writes.

... "Allowing borrowers to borrow at the same rate as the federal government and lowering the interest rate cap would have the economic effect of lessening the amount that borrowers would have to pay back on their student loans, saving money for borrowers to put toward food, housing, child care, or starting a business. Other organizations, including the National Association of Student Financial Aid Administrators, have made similar recommendations, and Congress should take action to provide this relief."

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Publication Date: 8/3/2022

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