Biden Exploring Options to Forgive $1.6 Trillion in Student Loan Debt

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.

Protester at rally holding sign with words Biden Cancel Student Debt already

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.