One in eight Americans had outstanding student loans totaling $1.75 trillion as of the fourth quarter, according to the Federal Reserve Bank of St. Louis.
That’s the percentage of Americans who were in support of some sort of student debt forgiveness, according to a Morning Consult poll conducted in December. Around 28% out of 2,000 registered voters surveyed opposed any debt forgiveness.in a press conference in July that Biden does not have the authority to cancel federal student loan debt, and that it could only be done through Congress.
” They said Congress provides “limited and explicit authority” to the Education Secretary to “compromise, waive or release any right, title, claim, lien or demand” of student loan balances under certain circumstances, such as the death of the borrower, but there is “no unilateral authority to do so for all student loan balances as a general rule.”The Biden administration is under growing political pressure to forgive at least a portion of federal student debt.
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