under former President Barack Obama, has joined a number of other leading government officials calling on President Joe Biden to cancel student debt through executive action.in an editorial in Business Insider on Wednesday that the country's outstanding student loan balance is"indisputably a crisis."
"All too often, the crushing weight of student debt prevents people from even considering buying a home, beginning a family, or starting a new business," King wrote. King is not the only former U.S. Education Department official in support of cancelling student debt. Wayne Johnson, a senior student loan official under former President Donald Trump, resigned in 2019, saying the lending system was", the country's outstanding student loan debt balance exceeded $1.7 trillion and posed a larger burden to households than credit card or auto debt. Roughly a quarter of borrowers, or 10 million people, were estimated to be in delinquency or default.
Biden is also under pressure from Senate Majority Leader Chuck Schumer, D-N.Y., and Sen. Elizabeth Warren, D-Mass., who are pushing him to cancel at least $50,0000 per borrower.
Source: Education Headlines (educationheadlines.net)
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