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4 Signs That Biden May Not Cancel Student Loan Debt On A Mass Scale

Here are 4 signs that Biden may not cancel student loan debt on a mass scale:

10/23/2021 4:44:00 AM

Here are 4 signs that Biden may not cancel student loan debt on a mass scale:

Will there be mass student loan forgiveness? The push continues, but there are several signs that it may not happen.

... [+]Smialowski / AFP) (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)AFP via Getty ImagesAdvocates for student loan borrowers continue to push the Biden administration to enact mass, across-the-board student loan forgiveness. But there are several signs that this may not happen.

Student loan borrower activists, advocacy organizations, and Democrats in Congress have been engaged in a year-long campaign to convince President Biden to use executive action to cancel upwards of $50,000 of student loan debt (or more) per borrower. Biden himself has expressed opposition to such widespread student loan forgiveness and skepticism that he would have the legal authority to enact it. He had previously suggested that he would support $10,000 in broad student loan forgiveness, but was more ambiguous about whether he thought he could enact that through executive action.

Here’s where things stand with broad student loan forgiveness.The Biden Administration Is Preparing For The Student Loan Payment Pause To End — And For Payments To ResumeAs first reported by POLITICO, the Biden administration is currently working on detailed plans to transition millions of borrowers from the current national payment pause to the resumption of payments in February. These plans reportedly may include a massive outreach campaign, a generous grace period for missed payments, and streamlining of applications for new repayment plans. Biden had headtopics.com

extended the ongoing student loan payment pause and interest freezeto January 31, 2022 earlier this year. The administration has repeatedly referred to this as the “final” extension of the payment pause.The fact that the administration is devoting significant resources to preparing for student loan payments to start up again would suggest that Biden is not planning on wiping out everyone’s federal student loan debt. At the same time, given that neither $10,000 in across-the-board student loan forgiveness, nor $50,000, would eliminate

alloutstanding federal student loans for all borrowers, it’s not necessarily conclusive.Recent Comments By Biden Administration Officials Suggest Student Loan Forgiveness Isn’t HappeningBut other key Biden administration officials have suggested that broad student loan forgiveness may in fact be off the table. In public remarks last month, Richard Cordray, the Chief Operating Officer of Federal Student Aid at the Department of Education, suggested that the ongoing discussion of widespread student loan cancellation did a disservice for borrowers.

“Borrowers have been hearing a steady drumbeat about the possibility of loan forgiveness, either wholesale or piecemeal,” said Cordray. “We can expect that many, many borrowers will not be eager to return to repayment when they have been led to believe, or even to hope, that was never going to happen. Getting over that psychological hurdle with millions of Americans may be a much harder job than we know.”

Read more: Forbes »

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4 Signs That Biden May Not Cancel Student Loan Debt On A Mass ScaleWill there be mass student loan forgiveness? The push continues, but there are several signs that it may not happen. 1st sign: He’s an old white rich guy When has a Democrat kept his/her word on a major policy? Biden had his hackles up about ending the student loan usury back in the 90's when he fought AGAINST it tooth and nail. I have no reason to believe he's changed his f***** up attitude now...

4 Signs That Biden May Not Cancel Student Loan Debt On A Mass ScaleWill there be mass student loan forgiveness? The push continues, but there are several signs that it may not happen. Here's a 5th sign: 'HE WILL LOSE MY VOTE IN 2024' if he cancels loan debt on a mass scale. I paid my student loans and so can everyone else who took out loans of any kind; student, car, home, personal loans, whatever. you took out the loan you pay it back.

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