US Student Debt Ends Biden Era Bigger Than When He Took Office
- Biden canceled roughly $189 billion for over 5 million debtors
- Soaring interest rates leaves many borrowers at default risk
Graduates in Atlanta, Georgia.
Photographer: Christian Monterrosa/BloombergThis article is for subscribers only.
One of President Joe Biden’s signature promises was to ease the student-loan burden on millions of Americans. He’ll leave office with the debt pile slightly bigger than when he arrived.
It’s not for lack of trying. Biden’s administration launched a range of programs that canceled some $189 billion in loans for 5.3 million borrowers, extending the effort into his last days in office. Growth in the overall loan balance has at least slowed down, while a booming economy plus higher inflation makes those debts less of a burden relative to what people earn.