America’s $1.5 trillion student-loan debt crisis has exploded over the last decade, especially as two historic recessions have hobbled the financial prospects …
America’s $1.5 trillion student-loan debt crisis has exploded over the last decade, especially as two historic recessions have hobbled the financial prospects of the millennial generation before its oldest members have turned 40. Even before the pandemic, the Student Borrower Protection Center (SBPC) told Business Insider, „millions of Americans with student loans were struggling to get by, faced with mounting debt and a broken student loan system.“ The pandemic may have put as many as 10 million student-loan borrowers out of jobs, higher education expert Mark Kantrowitz told CNBC. And while federal student loan payments have been paused until the end of the year, borrowers with private student loans still have to pay them. For the past four years, President Donald Trump has focused on pre-college education by promoting school choice and making charter schools more accessible. In 2020, he provided student-debt relief by suspending federal payments, but what might that relief look like under President-elect Joe Biden? Biden’s proposed higher-education policies would expand federal government support for education beyond high school. The $750 billion plan would make undergraduate education free in certain circumstances and expand college federal loan programs.
