President’s Plan to Cancel $168.5 Billion in Student Debt Hangs in Balance as Democratic Leaders Advise Him Not to Run for Reelection

Future of Student Loan Forgiveness in Jeopardy as Biden’s Reelection Uncertain

Some Democratic leaders advise President Joe Biden not to run for reelection against Donald Trump, which could impact his student loan forgiveness plans. The future of debt relief efforts is uncertain depending on the new Democratic candidate.

Under Biden’s administration, $168.5 billion in student loan debt has been canceled for 4.8 million Americans. Critics argue this reduces funds for other programs. The Supreme Court blocked Biden’s plan to cancel $400 billion in student loans, leading to smaller steps instead.

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What to Expect from a Post-Biden Era

The future of student loan forgiveness depends on who replaces Biden, the election outcome and party control. Kamala Harris might take over and has supported debt cancellation with stricter requirements.

If Trump wins student loan forgiveness efforts could face challenges. Trump has opposed these measures proposing cuts to subsidized loans and ending public service worker forgiveness.

Congress’ control is crucial. If Democrats maintain control debt forgiveness might continue. If Republicans take over and they’ll likely oppose and reverse Biden’s policies.

Economist Michael Feuz suggests Biden might cancel more debt by issuing Executive Orders before January 2025, boosting the economy and younger workers. Overall, student loan forgiveness is uncertain and depends on the next administration’s plans, according to the report of Go Banking Rates.

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