Will the Biden administration forgive student loan debt?
Former Obama economic adviser Robert Wolf, Trump economic adviser Stephen Moore weigh in on ‘Fox & Friends.’
Hundreds of groups have sent a letter to President-Elect Joe Biden urging him to “cancel” student loan debt for borrowers on his first day in the Oval Office.
Around 240 organizations have signed on to the letter, which notes that Biden could enact the policy through executive action to help 44 million Americans.
“Cancelling student debt would disproportionately help borrowers of color, respond to the coronavirus crisis, and provide much needed economic relief and stimulus,” the letter read. “We call on you to deliver on the promise of the Biden-Harris Racial Economic Equity plan by cancelling federal student debt by executive action on Day One of your administration.”
Signees included the American Federation of Teachers, National Education Association, The Education Trust, Hispanic Federation and NAACP.
BIDEN SAYS THERE SHOULD BE 'IMMEDIATE' CONGRESSIONAL ACTION ON STUDENT LOAN FORGIVENESS
Sen. Elizabeth Warren, D-Mass., who alongside Sen. Bernie Sanders, I-Vt., advocated this policy as a part of her presidential platform, has been tweeting about the topic this week.
A Biden official indicated there could be “immediate” action on forgiving $10,000 worth of student loan debt, but that it should be approved by lawmakers.
Warren is believed to be in the running for the role of U.S. Treasury Secretary in Biden’s administration, though he said on Thursday he will announce his choice shortly before or after the Thanksgiving holiday.
Fifty-five percent of people under age 30 who went to college took on some debt for their education, according to data from the Federal Reserve.
Outstanding student loan debt stood at $1.55 trillion in the third quarter of 2020.
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