Country where things works-US to forgive $1.6trillion student Loan by 43 Million

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Just a week after announcing plans to expand student loan forgiveness and income-based repayment programs, President Biden is reportedly exploring options to forgive most of the $1.6 trillion the country holds in federal student loan debt.

CBS News reports Biden discussed the issue during a meeting at the White House on Monday with members of the Congressional Hispanic Caucus. As of 2022, more than 43 million borrowers owe a collective $1.6 trillion in student loan debt, which ranks behind mortgages as the second-largest debt held by Americans.

At the meeting on Monday, press secretary Jen Psaki revealed that the Biden Administration plans to make a decision about forgiving student loan debt between now and August. Federal student loan payments are currently paused through the end of August.

“They’re looking at different options on what they can do. On forgiving it entirely. That was our request,” said one lawmaker.

Cody Hounanian, executive director of the Student Debt Crisis Center, added, “As far as the president going out and talking about student loan cancellation with different groups, I do think that’s a very good sign.”

Hounanian continued, “I think the president is starting to recognize that student debt cancellation is very popular. It’s very popular with specific groups of voters that the president needs to win for this upcoming election, and the fact that he’s using debt cancellation as a tool from which to talk to these communities, to me that’s a little bit of a change.”