President Joe Biden is reportedly planning to announce some form of student loan forgiveness, and the fact that loan relief is on the table and in the news, in some form, is a positive step.
Clearly, the federal government must address the student loan crisis. Too many Americans — over 43 million — owe an eyebrow-raising $1.6 trillion in federal student loan debt, according to educationdata.org. On average, borrowers owe $37,113. Student loan debt is now the second-largest category of consumer debt, after mortgages.
