Joe Biden has instructed the Department of Education to extend the suspension of federal student loan payments until September amid mounting pressure on the new president to wipe college debt for thousands of students. Some 44 million Americans are in debt associated with their education, totaling around $1.5 trillion. With student debt a key electoral issue in the run-up to the 2020 presidential election, Biden campaigned hard on the subject, citing the statistic that one in five adults who hold student loans are behind on payments, a disproportionate number of whom are Black. The former U.S. education secretary, Betsy DeVos , warned in 2018 that federal student loans made up around one-third of the government’s total balance sheet. Pressure on the new administration, including a petition signed by more than 850,000 people, comes as hopes were raised that Biden may consider wiping some—if not all—student loan debt. Despite anticipation about a move in that direction, the president has not committed to canceling all student debt. He has, however, proposed a scheme that offers public service workers $10,000 a year in student loan relief and pledged to make public colleges tuition-free for all families with incomes below $125,000. On his first… Read full this story
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