Over the years, millions of Americans have obtained students loans to go back to school. Regardless of the degree that they’re getting, they’ll have to pay thousands of dollars. Unfortunately, most students won’t receive enough scholarships to pay for their educations. Instead, they’ll have to obtain a student loan and pay it back once they’ve graduated. Although it sounds simple, it isn’t. Most Americans remain in student debt long after they’ve graduated. Many will never get out of student debt even if they get a good job later.
Recently, there have been talks of a possible student loan forgiveness program. More about this topic and other student loan news will be provided below.
Unfortunately, millions of Americans have taken on student loan debt over the years. In November 2021, it was revealed that more than 43 million students had accumulated nearly $40,000 in debt. In total, Americans own more than $1.59 trillion in student debts. Suffice to say, it is crippling the nation. Instead of buying a home and starting a family, these individuals are struggling to survive. Their student debts are crippling them and stopping them from achieving the American dream.
Another issue is the fact that most students will never repay their loans. The Federal Government believes that a quarter of all present full-time undergraduates who’ve received student loans will repay them. As a result, three-quarters of Americans in student debt will never repay their loans. Instead, money is lost along the way. Alternatively, Americans may die with hefty student debt bills hanging over their heads.
President Biden’s Promises
During the runup of the recent presidential election, Presidential hopeful Joe Biden made a lot of promises. Many of those promises involved the government giving money to Americans. First, he said he would give all Americans $2,000 in pandemic relief. When he took office, the amount was quickly slashed. In total, each American only received $1,400 during Biden’s time in office. Suffice to say, it has been a sign of things to come. Recently, the president has continued to fail to live up to his promises.
Before the election, Biden pledged that he would forgive at least $10,000 in student loan debt. Although many argued that it wasn’t enough, most will agree that it was better than nothing. Most graduates still in debt from student loans have received no assistance whatsoever. Some believe this will change in February.
President Biden Ignores Fellow Democrats
Democrats have called on the President to extend pandemic relief benefits. They also encouraged Biden to do more to help people struggling with student debts. Nevertheless, Biden is going in the opposite direction. While many Americans are still struggling and living paycheck to paycheck, President Biden will likely restart all federal student loan payments beginning in February. Despite pressure from many Democrats, Biden has not backed down from the decision.
For nearly two years, the balances of federal student loan borrowers have been frozen. Borrowers did not need to pay. Most haven’t paid since March 2020. In addition to this, the Federal Government prevented interest from accumulating on these student debts.
Former President Trump and President Biden helped ensure that American borrowers wouldn’t need to pay during this time. The restart date was previously on September 30, 2021. However, Biden pushed the restart date back until January 31, 2022. President Biden and members of his administration have repeatedly said that this will be the last extension. Borrowers will need to save money to ensure they can start paying their debts again.
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Biden Waiting For Bill
Finally, readers should realize that President Biden previously promised to cancel student debt. In total, the President claimed he would cancel $10,000 for each borrower. Again, the President has not fulfilled that promise. Furthermore, many progressives have urged the Democratic President to cancel up to $50,000 of student debt per borrower. Biden is not going to support that idea. Many do not believe he will cancel any student debt since he hasn’t tried to do so.
Earlier this week, Jen Psaki claimed President Biden would cancel student debt if Congress sent him a bill to sign. The only problem is that she knows this will never happen since Democrats would have to work with Republicans to achieve this goal.