Thursday, 30 Jun, 2022

We want to know what you would do if 10,000 of your federal student loan debt was forgiven

Hundreds of congressional staffers have student loans, Insider has learned.AP Photo/Seth WenigMore than 43 million Americans are saddled with student ..

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In this May 17, 2018, file photo, new graduates line up before the start of the Bergen Community College commencement at MetLife Stadium in East Rutherford, N.J. There’s no single policy or action that will alleviate America’s $1.74 trillion student loan debt crisis while simultaneously preventing students from taking on unaffordable amounts of future debt. Higher education financing experts are divided on the exact combination of solutions, but all agree it will require a multipronged approach.


Hundreds of congressional staffers have student loans, Insider has learned.
  • More than 43 million Americans are saddled with student loan debt, totaling more than $1.6 trillion.
  • President Biden promised during his campaign that he would wipe out $10,000 in federal loans if elected.
  • What would you do if the government forgave $10,000 in student loans? Tell us in the Google Form below.

Federal student loan debt totaled $1.6 trillion in 2021, held by more than 43 million borrowers in the US.

President Joe Biden has been facing mounting pressure to address the student debt crisis by fulfilling the pledge he made on the campaign trail to forgive at least $10,000 in federal student loans per borrower.

Since taking office, Biden has provided some relief for those with student loan debt, including cancelled debt for borrowers with disabilities and extending the federal student loan moratorium three times amid the ongoing coronavirus pandemic.

Advocates and Democratic lawmakers, including Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren, and Rep. Ayanna Pressley, have even called for more broad relief per borrower, proposing $50,000 in forgiveness.

With the federal student loan payment pause set to expire on May 1, the Education Department is implementing policies in a bid to make the payment restart easier for borrowers after a two-year pause.

Members of Congress and the White House have been shifting the responsibility of student loan forgiveness back and forth — with members saying the president has the power to do so via executive order while the White House saying that Congress has yet to put a bill on Biden's desk.

Why, or why not, should President Biden cancel student loans? And if so, what would you do if the government wiped out $10,000 of your federal student loans? Tell us by filling out the Google Form below.

 

Have a tip? Email this reporter [email protected]

Read the original article on Business Insider

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By: [email protected] (Lauren Frias,Kristie-Valerie Hoang)
Title: Tell us what you would do if $10,000 of your federal student loans was forgiven
Sourced From: www.businessinsider.com/what-you-would-do-if-federal-student-loans-was-forgiven-2022-2
Published Date: Thu, 03 Feb 2022 21:21:22 +0000

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