President-elect Joe Biden will be taking on a country in a situation that is not suitable or simple in any way. The country is in a state of emergency, with both financial and global issues lined up.
Millions of Americans are jobless, environmental change has added to the current year’s record-breaking catastrophic events, and the coronavirus has caused a disastrous impact in the country.
The President-elect Joe Biden will try and attempt to restore an economy that is wavered due to the pandemic. There will also be another economic issue at hand and that is student loans.
Biden has been recently vocal about his economic plans. He voiced his plan for the cancellation of student loans and introducing reforms in the higher education system. Still, it is not yet confirmed what Joe Biden can do while in office and how much impact it might have.
Around 42 million Americans are in $1.53 trillion of student loan debt. According to many reports, the cancellation of student loans will not aid in boosting the country’s financial situation. Still, cancellation of student loans can help in securing some funds for the relief.
Joe Biden has decided to forgive 10,000 dollars in student loan debt. The public authority would likewise cover month to month advance installments for individuals with loans until September 2021 and get away with $10,000 of their loan obligation.
At a point when asked about his plans for the coronavirus relief and student loan issue, Biden replied by revealing his plans to forgive $10,000 of educational loans.