With Payments Soon to Resume, Demands Grow for Student Loan Cancellation

Federal student loan relief is set to expire at the end of the year, burdening many — who are already struggling amid the pandemic — with another monthly payment to consider. President-elect Biden has committed to cancelling $10,000 in student debt for all borrowers. Other Democratic leaders, such as Chuck Schumer and Elizabeth Warren, are calling for up to $50,000 in forgiveness. Critics say loan cancellation is regressive, since those with college degrees typically earn more, and that it doesn’t address the underlying issues with student debt. We’ll discuss what will happen if federal student loan relief expires, growing demands for student debt cancellation, and how student loans have burdened people of color particularly heavily.