What Can Student Loan Borrowers Expect Under a Biden Presidency?
- The Average Tuition Discount at Private Colleges Hits 52%, a Record High
- Federal Student Loan Interest Rates Are About to Increase
- FAFSA 'Crisis' Continues With Delayed Financial Aid Letters, Fewer Students Applying
- Some Student Loan Borrowers’ Payments Paused Due to Billing Errors
- Avoid These 7 New-Year Money Mistakes That Could Doom Your Resolutions
The chances for major student loan relief likely shrank last week, even as the country elected a president who has promised to address the pervasive problem of debt.
Joe Biden, who on Saturday was declared the president-elect after a long, close tally of votes, ran on a campaign loaded with education platforms, including ideas to reduce the burden of student loans on many of the country's 45 million borrowers.
But with Biden in the White House down the street from a divided Congress, big campaign proposals like debt forgiveness or free college will have to be scaled back. We won't know the final makeup of the Senate until January, after two run-off races in Georgia. But if it is a Republican Senate, experts walked back their predictions for what was possible for the widespread relief Biden's campaign proposed.
"I have a hard time seeing any major legislation getting through Congress, unless one or two Republicans are willing to break ranks," says Robert Kelchen, an associate professor of higher education at Seton Hall University in New Jersey.
So does that mean all of Biden's higher education ideas are dead in the water? Not necessarily. Here's what you can expect.
Extending the Current Interest-Free, Suspended Payment Period
