The debate over student loan arrears continues
PITTSBURGH (KDKA) – Lawmakers on both sides of the aisle are debating how to ease the historical level of student debt faced by millions of Americans.
Americans have amassed more than $ 1.7 trillion in student loans to about 43 million borrowers.
Democrats argue that President Biden could cancel a student loan debt without a decision from Congress. Republicans agree that rising spending is a problem, but there is legislation that prohibits the president from forgiving student loans.
Analysts say that even if the plan is adopted, it is likely to be a short-term solution.
“Forgiveness of a loan is a one-time event. It does not increase access to colleges and graduates and does not help prospective students,” said Mark Kantrovitz, a financial aid expert.
Polls show that most Americans are in favor of some type of loan forgiveness.
A decision on how President Biden plans to move forward is expected soon.