President-elect Joseph R. Biden Jr. will ask Congress to forgive up to $10,000 of student-loan debt per borrower, the Biden-Harris transition team told reporters last week.
Nearly 43 million student-loan borrowers hold over $1.5 trillion in federal student-loan debt, with the average loan at $36,510, according to data from the Federal Student Aid office.
The original Cares Act includes a provision, set to expire on January 21, after two previous extensions by President Trump and the Education Department, allowing borrowers to suspend repayment of their federal student loans. Biden also intends to extend the pause, according to news reports.
