When President-elect Joe Biden takes office on Jan. 20, one of the first questions he will face is how to help the millions of Americans struggling to pay off student debt. His answer to that question could prove one of the touchiest ones of his presidency, as there are Americans who will likely be upset with him no matter what he does. And as Senate Minority Leader Chuck Schumer recently told reporter Anand Giridharadas, he is hoping that Biden will forgive the first $50,000 of student loan debt through an executive order, a measure far more ambitious than what Biden himself proposed during the 2020 campaign.
Although the U.S. Department of Education has provided student loan borrowers with temporary deferments, that period will end on Dec. 31 and there is no immediate plan to replace it, according to CNBC. During the 2020 presidential election, Biden promised to forgive the first $10,000 of student debt for all borrowers, as well as provide total forgiveness for individuals who earn less than $125,000 annually and attended either a public or historically Black university. (altro…)