(DCWatchdog.com) America’s student loan crisis is a bubble waiting to burst.
Joe Biden’s administration is riddled with financial crises, and this is a significant crisis brewing all over the country. The amount for total student loan debt in the United States is in the trillions – $1.7 trillion to be exact.
The world has been going through a tough time due to the pandemic. People have lost their jobs and closed down their businesses. This is why the administration made a good decision and paused the student loan payments.
However, now the Biden administration is declining to keep the pause going. Many progressives from Biden’s own party have requested him to extend the delay.
However, Biden and some of the other policymakers in the DNC feel that the pause is hurting the students as a pause on the student loans means that the interest rate is piling up, and the students will have to pay more if the delay is extended.
During the primaries, Biden talked about offering a high level of relief to students; however, he has yet to fulfill that promise. He has canceled a fraction of the total loss for 72,000 borrowers from around the country, but it is still way less than what he promised before the elections.
Some of his colleagues have asked him to cancel up to $50,000 per borrower using an executive order. However, the way Biden is managing this crisis, he will not be issuing any executive order like this, and students will have to start making the payments for their student loans once again.