“All too often, the crushing weight of student debt prevents people from even considering buying a home, beginning a family, or starting a new business”
What’s to stop the next president from cancelling car loan debt or mortgages? How is this different?
FOX Business reports:
Biden should ‘unilaterally’ cancel student loan debt, says Obama’s Education Secretary
Student debt is a costly burden for millions of Americans who will be expected to resume federal loan payments in May. Over the past few months, a growing number of Democrats have called on President Joe Biden to fulfill his campaign promise of canceling student loans before forbearance expires.
The latest is John B. King, Jr., who served as the Secretary of Education under former President Barack Obama and is currently running for governor of Maryland. King urged Biden to “use his executive authority to unilaterally cancel student debt for each borrower” in a recent editorial.
“All too often, the crushing weight of student debt prevents people from even considering buying a home, beginning a family, or starting a new business,” King wrote. “This is indisputably a crisis.”
Despite calls from prominent lawmakers, the Biden administration has not yet announced plans to deliver student loan forgiveness via executive action. The White House recently suggested that the president is counting on Congress to make progress on canceling student debt. And notably, the president didn’t mention student debt cancellation during his first State of the Union address on March 1.
Keep reading to learn more about the likelihood of student debt cancellation, and consider your alternative options like income-driven repayment (IDR) and student loan refinancing. You can compare student loan refinance rates on Credible for free without impacting your credit score.
While student loan debt relief is “a realistic solution that can transform millions of lives,” King said, it’s just one proposal that should be met with “even more bold actions” to address the student debt crisis going forward.
King advocates for debt-free public college for low- and middle-income students, as well as “truly affordable college for all.” That includes tuition-free community college, which has been proposed by the Biden administration.
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