Like the federal freeze student loan payment will expire in May, Education Secretary Miguel Cardona told CBS Mornings on Friday that the Biden administration is working to help students with debt relief.
“We’re having these conversations now,” Cardona said. “It’s certainly something that when we have the ability to address where universities could have taken advantage or loan administrators have taken advantage of borrowers, we’re releasing and canceling debt. We’re going to continue talks on general relief. of debt “.
Americans owe more than $ 1.7 trillion in student loan debt to the United States. More than 43 million borrowers have federal student loan debts.
Cardona said Biden administration has increased relief for some student loan borrowers, including their permission 33,000 students forgiveness of loan borrowers through the public service loan forgiveness program.
“We have definitely put borrowers and students at the center of the talks from day one. In just one year, President Biden has already forgiven more than $ 17 billion,” Cardona said.
But Democratic Sen. Elizabeth Warren has said Mr. Biden should do more and cancel all student loan debt.
Cardona said they are working to make the loan process work to help students not get hurt.
“We know that in the administration we have a responsibility to put our students first. We believe that the higher education system needs work. We believe that the loan process needs work,” he said. “We’re working on it to make sure the system doesn’t get back to where we were. So in five years we don’t want to be in the same position we are in. Forgiving the loan is one thing. But fixing the broken system It’s something we’ve been working on as well. ”
- In:
- United States Department of Education
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