Student debt rises as loan forgiveness remains uncertain
For those already struggling under the weight of student debt, President Joe Biden used his executive powers to extend the pause on federal student loan payments until October. Now, nearly 43 million federal borrowers are hoping massive student loan forgiveness might be Biden’s next major move. Although the upcoming annual White House budget proposal won’t include any student debt forgiveness, the status of this proposal is still unknown.
“The fact that President Biden didn’t include student loan forgiveness in his budget request does not mean that student loan forgiveness won’t happen,” higher education expert Mark Kantrowitz said. Biden has asked the US Department of Justice and Department of Education to issue a report on the limits of his authority to forgive student loans through executive action, and he is unlikely to take any action until he receives those findings, whether through executive action or proposed legislation, Kantrowitz added.
Full report on the CNBC site