43 million people face the burden of student loan debt.
By Brad Callas, Complex
Just a week after announcing plans to expand student loan forgiveness and income-based repayment programs, President Biden is reportedly exploring options to forgive most of the $1.6 trillion the country holds in federal student loan debt.
CBS News reports Biden discussed the issue during a meeting at the White House on Monday with members of the Congressional Hispanic Caucus. As of 2022, more than 43 million borrowers owe a collective $1.6 trillion in student loan debt, which ranks behind mortgages as the second-largest debt held by Americans.
BREAKING: President Biden is looking at different options to forgive most, if not all, federal student loan debt, per @CBSNews. The move could affect more than 43 million borrowers who hold more than $1.6 trillion in federal student loan debt.
— Brian Tyler Cohen (@briantylercohen) April 26, 2022
At the meeting on Monday, press secretary Jen Psaki revealed that the Biden Administration plans to make a decision about forgiving student loan debt between now and August. Federal student loan payments are currently paused through the end of August.
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