Student loan debt is seen as a drag on the economy, burdening young professionals for years after graduation, while the wide availability of loans has contributed to rising tuition.
Highlights
- The U.S.
- Department of Education has canceled student loan debt for 40,000 people and offered credits to help another 3.6 million pay off their loans.
- Measures add to other steps taken by the administration of President Joe Biden, including a pause on nearly all student loan collection.
- Biden has called for canceling $10,000 in student debt for each borrower, a commitment of more than $400 billion.
- The measures stop short of demands from the progressive wing of the Democratic Party for comprehensive student loan forgiveness.
- Student loan debt is seen as a drag on the economy, burdening young professionals for years after graduation, while the wide availability of loans has contributed to rising tuition.