President Biden is still considering student loan forgiveness options.
Borrowers are concerned about the student debt crisis in America.
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Who would benefit?
The Biden administration is still considering how to approach the student debt crisis. President Biden promised student loan forgiveness while running for office. Yet, he still hasn’t passed legislation to help borrowers with the burden. Read more about it here.
Earlier, the Whit House extended the pause on federal student loan repayments. However, the pause is set to end August 31 this year.
Loan debt in the US right now is around $1.75 trillion. The average student borrows over $40,000.
As much as students want to see debt forgiveness, it isn’t considered a nationwide concern. Only about 13% of adults in the US carry federal student loan debt.
The White House has confirmed that the President will address the student debt crisis in the coming weeks. However, the $50,000 forgiveness for each student has been deemed highly unlikely.
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