Biden Calls for Forgiveness of $10,000 in Student Debt per Borrower

President-elect Joe Biden plans to forgive $10,000 in student debt per borrower, in a legislation separate from the newly unveiled $1.9 trillion stimulus package. There have been many calls for loan forgiveness due to the devastating financial impacts of the ongoing pandemic. Throughout the course of the pandemic, approximately 90 percent of federal student loan borrowers have chosen to take advantage of the option to pause loan payments. According to a recent Pew Research survey, 6 out of 10 borrowers recently stated it would prove difficult for them if they were required to resume payment of their loans during the coming month.  

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