May 3, 2023
Student Loan debt hits $1.76 trillion!
The amount of student loan debt in the U.S. has reached a staggering $1.76 trillion, according to the Federal Reserve Bank of St. Louis. Most students — 54% — now take out student loans to attend college, with the average student graduating with $29,100 in debt, according to Student Loan Hero. That means many students graduate with even more debt, which can make it difficult to keep up with student loan payments while paying for everyday living expenses.
A Republican president is unlikely to pursue a massive student loan relief program, and the current Supreme Court is unlikely to uphold it.
However, it is also possible that student loan forgiveness could be enacted by Congress, regardless of who is president. There is a growing bipartisan movement in favor of student loan forgiveness, and it is possible that Congress could pass a bill that would provide some form of relief to borrowers.
Ultimately, the future of student loan forgiveness is uncertain. It is possible that Biden could enact some form of forgiveness before the end of his term, or that Congress could pass a bill that would provide relief to borrowers. However, it is also possible that student loan forgiveness will not be enacted at all, regardless of who is president.
Here are some factors that could affect the future of student loan forgiveness:
Get educated about personal finance.
The outcome of the 2024 presidential election
The composition of Congress
The Supreme Court's rulings on student loan forgiveness
The public's opinion on student loan forgiveness