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Ep. 151 | Student Loan Forgiveness 2023: Where Biden’s Plan Stands Now
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With over $1.6 trillion in student loan debt owed by 43 million borrowers, student loans remain a massive unresolved crisis in America. During his presidential campaign, Joe Biden promised voters he would cancel at least $10,000 in federal student loans per borrower, but broad forgiveness has yet to materialize.
In this video, we explain the current status of Biden's student loan forgiveness plan, including the recent announcement of up to $20,000 in debt cancellation for Pell Grant recipients. However, Republican-led lawsuits have blocked this relief, leaving borrowers in limbo. We discuss the key legal challenges now facing Biden's debt cancellation efforts and what it means for borrowers hoping for loan forgiveness as the payment restart looms in 2023 after multiple COVID-19 extensions.
With the path forward for broad student debt forgiveness uncertain due to court battles, we analyze what options the Biden administration has to keep its promises to voters. We also look at proposals like tuition-free community college and what student loan changes could realistically pass Congress. As borrowers grow frustrated with waiting for the promised relief, we look at the future of student loan reform past 2023.
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