It’s a familiar sight each year: a sea of soon-to-be college graduates, seated in their caps and gowns, with families and friends watching proudly as they march, one-by-one, across the stage to receive their hard-earned degrees.
But for many of the 35 million student-loan borrowers in the US, the celebration is short-lived. Months out of college, their debts become due and payable, and for some, it will be a heavy burden.
Since entering office, President Joe Biden has encountered immense pressure to aggressively address the student-loan crisis.
Democratic Sens. Elizabeth Warren and Chuck Schumer in February announced a plan to wipe out up to $50,000 in student loans per borrower. But Biden dismissed it.
“I will not make that happen,” he said. “I’m prepared to write off $10,000 in debt, but not 50,” he said. “I don’t think I have the authority to do it.”