It was good news for all Americans, especially for those still burdened with debt from student loans, that President Biden has signaled that he will use his executive authority to cancel some of the debt.
Currently, a moratorium on student loans has been in effect since the outbreak of COVID-19, and the news has come that the president plans to do more than extending the moratorium, which is still short of canceling the debt entirely.
Even so, there is a bit of hesitancy on such a broad relief initiative, particularly its impact on the economy in this period of rising inflation. Biden appears to have his ear cocked to some of the concerns raised by a recent government watchdog report that has revealed stark failure in the student loan forgiveness program run by the feds.
For Richard Cordray, chief operating officer at FSA , an agency of the Education Department, “this is really inexcusable,” he said in an interview with Yahoo Finance. “But what’s done is done. And what we’re trying to do here is take account of it and make adjustments for it as best we can.”
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