President-Elect Biden Will He Cancel $1.7 Trillion in US Student Loan Debt?

Several congress members has asked with a open letter (PDF) signed by 238 advocacy organizations asked Biden to cancel federal student debt, and US Senate Minority leader Chuck Schumer has publicly called on the president-elect to use his executive powers to cancel up to $50,000 in federal student debt for individual borrowers.

A lot of students who sign on the dotted line later find themselves struggling to pay off their loans for decades. Once, you graduate from college you find yourself in financial debt before you start your career or even get a job. It seems as though it is unfair to begin life in a financial crisis. The problem is worse for students from minority communities. Research shows from several financial institutions that found that Black graduates of undergraduate programs default on their student loans at five times the rate of white students. It’s found that rates are also highest among those who borrow relatively small amounts. Again, it doesn’t seem to be fair.

This situation is a damn if do or damed if you don’t, it most cases for minorities borrowers it’s a up hill battle for them too finally see daylight in obtaining the degree then the financial agreements are being held over their heads and the challenges of not falling behind on the payments.

This is a serious political challenge for a incoming administration too be faced with a big decision to make and too get congress to agree. What are thoughts on this matter? Ask your community leaders to become involved and too help with this serious financial challenges facing a lot of past and recent graduates. Some students are being crushed by student loan debt, it’s definitely critical for some students to be ultimately relieved of this financial burden.

In light of pandemic challenges in the mean while the concept of student loan forgiveness has been championed by progressives, the idea is gaining ground with Americans across the political spectrum. Hopefully, with the general public shinning light on the issue possibly the government will step in and assist those in need. Now, we must wait and see what the future will bring in finding a solution to every growing financial crisis.