Will Student Loan Debt be Forgiven?
During the Biden campaign student loan forgiveness was a platform promise. Almost one years into the Biden administration we have seen two extensions on student loan moratoriums, but no proposals to expunge student loans. Today we spoke with Representative David Kustoff about whether a bipartisan proposal for student loan forgiveness has been in the works in Congress.
Rep. Kustoff had this to say, “So far we have not seen much movement in Congress. I’m not unsympathetic to anybody, but at the same time a lot of these are government obligations. We’ve got a federal debt right at 27 trillion dollars. With a T. At some point the buck has to stop.”
As the debt continues to rise many question if the campaign promise made by President Biden will be fulfilled.
Andrew Pentis senior writer for Student Loan Hero informed us on current plans for loan forgiveness from the Biden Administration. Pentis states, “He said that in light of the pandemic, he was in favor of cancelling up to $10,000 in student loan debt. So far in his administration no steps have been taken.”
Today the Biden administration announced $5.8 billion dollars in student loan forgiveness for borrowers who are unable to maintain a job through the Total and Permanent Disability program.