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So far, President Joe Biden’s Department of Education has acted to address the $1.7 trillion student debt crisis in the country by, among other things, canceling debt for some borrowers defrauded by for-profit schools and for borrowers with disabilities.
On his first day in office, Biden’s first action addressing student debt was to extend the pause on federal student loan payments through September. Since then, Education Secretary Miguel Cardona has taken three distinct steps to confront student debt: he canceled debt for about 72,000 borrowers defrauded by for-profit schools, he canceled debt for over 41,000 borrowers with disabilities, and most recently, he expanded the scope of the payment pause to 1.14 million borrowers with private loans.
But as president, Biden has yet to follow through on two campaign promises he made to voters on cancelling student debt. The more than 81 million people who voted for him also voted for two promised actions on student-debt relief that haven’t been enacted yet, if they ever will be.
Regarding further actions Biden might take on student debt cancelation, a DOE spokesperson told Insider that the department “is working in partnership with colleagues at the Department of Justice and the White House to review options with respect to debt cancellation.”
Here’s what Biden said on the campaign trail about how he’d tackle the student-debt crisis:
Cancel $10,000 in student debt per person
During his campaign, Biden promised to immediately cancel $10,000 in student debt per person. In a speech on November 16, Biden said that student loans are holding borrowers up, and forgiving $10,000 in student debt “should be done immediately.”
Biden’s campaign website said the president would work with Democrats to “authorize up to $10,000 in student debt relief per borrower” as part of COVID-19 relief, but the $1.9 trillion …read more
Source:: Business Insider