(TheLastPatriotNews.com) – In a move that could be popular with the far left while angering fiscal conservatives, President Joe Biden is on the brink of ordering trillions of dollars in student loans be forgiven.
If he does so, in one sweeping move, Biden will unburden tens of millions of Americans from the debt they incurred while attending colleges and universities across the United States.
A decision could come any day.
In discussing what Biden already did during a press briefing the other day, White House Press Secretary Jen Psaki stated, “Not a single person in this country has paid a dime on federal student loans since the president took office.”
The pandemic-era relief that stopped those debts from getting paid has been in place for more than two years and will expire on August 31.
Psaki said that Biden would decide on any cancellation of student loan debt before the end of the current pause on student loan payments.
Even before the current crisis, repayment issues were a common problem for student loan borrowers.
The outstanding balance of education debt in the country is more than $1.7 trillion. This is a greater debt burden for households than auto or credit card debt. Ten million student loan borrowers are in default or delinquency, roughly the same as credit card or auto debt.
Still, to wipe away that debt would be a first in American history, and polling shows it would be highly unpopular with conservatives and those who didn’t go to college or have already paid off their student loans.
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