Whether Trump or Biden wins the presidency may have a significant impact on the country’s 42 million student loan borrowers. Here’s how the candidates’ approaches differ.
Whether Donald Trump or Joe Biden wins the presidency may have a significant impact on the country’s 42 million student loan borrowers. Student loans have outpaced credit card and auto debt as a burden to Americans, and each year 70% of college graduates start off their lives in the red. The average balance is around $30,000, up from $10,000 in the early 1990s, and many borrowers owe $100,000 or more. The typical monthly payment is $400. There’s a clear desire for change: More than half of Americans say student debt is “a major problem” for the country, according to a Politico/Morning Consult poll.
