student loans graduate

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President-elect Joe Biden plans to prioritize federal student loan debt forgiveness on the first day of his presidency, but questions still remain on the likelihood of carrying out his forgiveness plans.

Last week, Biden’s transition official David Kamin told reporters that Biden will direct the Department of Education on day one to extend the student loan forbearance program, which is the first direct promise the president-elect has made in combating the $1.6 trillion student debt crisis.

Kamin also said in the press call that Biden supports Congress canceling $10,000 of federal student loan debt per person — an idea that Biden had previously supported as proposed by Sen. Elizabeth Warren of Massachusetts and her Democratic colleagues.

While forgiving $10,000 for each person with student debt is widely favorable — Warren is pushing for $50,000 to be forgiven — whether Biden can achieve this in a timely manner remains unclear.

In terms of extending the student loan forbearance program, there are no apparent doubts that Biden can achieve this during his first day. On Dec. 4, former Sec. of Education Betsy Devos extended the program through Jan. 31, and Biden promises to extend this once again, which he will likely accomplish.

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Source:: Businessinsider – Politics

      

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