Key facts about Joe Biden student loan forgiveness
- Biden’s spending bill hasn’t attracted much attention because the student loan has been ruled out.
- Congressional progressives put more pressure on the Biden administration to forgive student loan debt, but the president has resisted calls for a mass cancellation of student loan debt.
- The absence of Joe Biden student loan forgiveness in Democrats’ $2 trillion spending bill has disappointed activists and borrowers who want President Biden to deliver on his campaign promise to cancel at least $10,000 in debt.
- Progressive lawmakers and advocates have been pressing the Biden administration to cancel $50,000 in debt.
- Student loan debt in the United States has reached $1.8 trillion, putting a bigger burden on families than credit card or auto debt. It’s common when students are difficult to repay. More than a quarter of borrowers are in a state of delinquency or default.
- According to data from the National Center for Education Statistics, in 2019, 10% of student borrowers defaulted on their loans. Black college graduates are more likely to default than white college dropouts.
- About 32 percent of black Americans who attended college 10 years ago have already been in default.
- Those who advocate student loan forgiveness believe that the living cost has been increasing faster recently compared to the salaries of college graduates.
- Still, some believe that path remains the more promising one compared with getting all Democrats to back a jubilee, Herrine said.
The absence of Joe Biden student loan forgiveness from the spending bill has caused frustration and disappointment
“I am increasingly pessimistic about the Biden Administration,” said Luke Herrine, former legal director of the Debt Collective advocacy group.
"I won't stop fighting to #CancelStudentDebt," said Rep. Nikema Williams, a Georgia Democrat.
"The pause on student loan payments has allowed millions of borrowers to start a business, participate in our economy, and save for the future. Imagine what could happen if borrowers had permanent relief. It's time to cancel student debt, @POTUS," Rep. Ilhan Omar, a Minnesota Democrat, shared his view on Twitter.
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What do you think about Joe Biden student loans? Is it a great idea to exclude student loans forgiveness from the spending bill?Feel free to share your opinion with us.