Leadership at one of the biggest student-loan companies has high hopes for the Biden administration to cancel some student loan debt for millions of borrowers.
, he said, however, forgiving student loan debt won’t fix the increasing costs of higher education.
“In order to reduce the racial wealth gap and advance a just and equitable economic recovery for all, we must alleviate the burden of student debt,” Joyce Beatty, the chair of the Congressional Black Caucus,, Biden is close to making a decision on student loan debt relief. Several reports indicate the amount will be close to his campaign promise of $10,000 in forgiveness per borrower who’s making under $125,000 annually.
The latest extension on the student loan debt pause is currently expected to end on Aug. 31. No word yet if the pause will be extended. Nevertheless, Biden is expected to make a final decision by the date.
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