Student loans: This could be a memorable week for millions of young people
He didn’t elaborate, saying he wouldn’t advance the announcement. “I have no news to report today,” Cardona said.
Here’s what you need to know.
What does Biden weigh?
In addition to this base student loan debt forgiveness for those below a certain income level, administration officials have also recently discussed the possibility of additional forgiveness for under-incomes. specific sets of the population, according to sources close to the internal discussions in the administration.
How serious is the US student debt problem?
Borrowers hold $1.6 trillion in unpaid federal student loan debt, more than Americans owe in credit card or car loan debt.
- According to the College Board, about 54% of borrowers with outstanding student loan debt owed less than $20,000 in March 2021.
- About 45% of outstanding debt was held by the 10% of borrowers who owed $80,000 or more.
What is the downside of a broad pardon?
While forgiveness of large student loan debt could bring financial relief to millions of Americans, the implications of such a significant policy shift are complicated, writes CNN’s Katie Lobosco.
And the action alone would do nothing to lower the cost of a college education for future borrowers or help those who have already paid for their degrees.
How does the Supreme Court intervene?
A recent High Court ruling limiting the Environmental Protection Agency’s ability to tackle the climate crisis could complicate Biden’s power to write off federal student loan debt.
How has Biden dealt with student debt so far?
For example, earlier this month the Department of Education announced it would forgive $3.9 billion in student loan debt for 208,000 students attending the for-profit technical institute ITT today. disappeared today. That brings the total amount of loan cancellations approved under Biden to nearly $32 billion.
What do Americans think of student loan forgiveness?
Predictably, attitudes toward student debt relief are sharply divided along partisan and generational lines.
Seventy percent of adults under 35 said the government was doing too little, a figure that fell to 50% among those aged 35-49 and 35% among those aged 50 or over.
This story was updated with additional information on Monday.
CNN’s Katie Lobosco, MJ Lee and Phil Mattingly contributed to this report.