Everything Biden has done to solve the student debt crisis so far
- Since Biden took office, he has taken a number of steps to deal with the $ 1.7 trillion student debt crisis.
- They include the cancellation of the debt of disabled borrowers and the extension of the payment break on loans.
- Democrats are pushing for him to write off $ 50,000 in student debt per person, which DOJ is reviewing.
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Forty-five million Americans have $ 1.7 trillion in student debt in the country. And many of them, alongside Democrats and supporters, want President Joe Biden to write off $ 50,000 of their debt.
He has yet to do so, but the president has taken steps to ease the burden and provide relief during the pandemic.
As part of one of his first actions in office, Biden extended the hiatus on student loan payments until September, coupled with zero interest growth, to ensure financially ailing borrowers did not have to worry about repaying their loans. This now runs until January 2022.
Since then, Education Secretary Miguel Cardona has written off billions in student debt for disabled borrowers and borrowers defrauded by for-profit schools. He has also started to look at student loan cancellation programs that are not working as they should.
But Democrats want Biden to do more.
They kept the pressure on the president to write off $ 50,000 in student debt per person using his executive power. Biden has expressed his reluctance to do so, and although he has called on the Education and Justice Departments to review his executive abilities to write off this debt, Democrats remain adamant he can and should cancel. student debt immediately with the flick of a pen.
“The cancellation of the student loan could take place today,” Massachusetts Senator Elizabeth Warren told Insider. “The president just needs to sign a paper canceling this debt. It takes no act of Congress or any amendment to the budget.”
Below is everything Biden has done to deal with the student debt crisis: