The Biden administration is unlikely to announce a decision on student loan forgiveness until at least July or August, The Wall Street Journal reported.
Yet there's concern that such an announcement would cause more frustration and disappointment than anything else. The average education debt balance, after all, is three times that, at around $30,000.
As a result, the Senate's top Democrat, Chuck Schumer of New York — along with Sen. Elizabeth Warren, D-Mass., and other Democrats — is pushing the president to cancel at least $50,000 for all. The NAACP has also been vocal about how $10,000 wouldn't go nearly far enough for Black student loan borrowers. Wisdom Cole, national director of the association's youth and college division, recentlyBut no amount of forgiveness would leave all borrowers happy.
Even if $50,000 per borrower was erased, the 3 million-plus borrowers who are more than $100,000 in the red would still be stuck with large balances. Many Americans are infuriated by the the idea of any student debt forgiveness, including those who never borrowed for their education or went to college.In the meantime, federal student loan continue to be on pause until at least the end of August, as part of a pandemic-era relief policy that began in March 2020. Data shows nearly all borrowers have stopped making their payments.
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