Should the Biden administration cancel student loan debt? Why or why not?
The Biden administration announced a plan to freeze federal student loan payments through Aug. 31, extending a moratorium that has allowed millions of Americans to postpone payments during the coronavirus pandemic.
Student loan payments were scheduled to resume May 1 after being halted since early in the pandemic. But following calls from Democrats in Congress, the White House wants to give borrowers additional time to prepare for payments. The action applies to more than 43 million Americans who owe a combined $1.6 trillion in student debt held by the federal government, the Associated Press reports.
Is there any way students, current or past, can negotiate down their principal amounts for either private or public student loans?
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