If implemented, the president's historic move would wipe $10,000 for 43 million Americans saddled with student loan debt.
What the president is considering
More than 43 million people have federal student loan debt in the U.S., and the average borrower has about $37,000, according to data compiled by the Education Data Initiative. The outstanding federal loan balance is about $1.6 trillion.
"The hoops of means testing means that millions and millions of borrowers won’t get help," said Melissa Bryne, executive director of We The 45 Million, which represents student loan borrowers advocating for student debt cancelation. She called it"an outrageous violation" of Biden's campaign pledge to cancel student loan debt to all borrowers.Biden said in April that he was taking a"hard look" at executive action to forgive federal student loan debt.
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