One of the more bolstering propositions of a Joe Biden presidency is the promises he made during his campaign to enact student debt relief. But it’s not going to be as simple as the 46th President signing a sheet of paper and you not getting any more phone calls from Sallie Mae. Here’s what you need to know about Biden’s plan.
Give it to me straight: What is Biden’s plan?
OK, you got me: there’s nothing set in stone yet, but there are a number of avenues he’s likely to pursue, and some others he’s less likely to.
Best case scenario?
Full student debt relief for everyone and free tuition and public colleges forever.
It’d be nice, though, wouldn’t it?
What’s really going to happen?
There are still a lot of factors to be decided. One is the Georgia Senate runoffs. No-one’s realistically holding out for a Democratic majority, but it sure would make things a lot easier for some of the more ambitious debt relief proposals out there.
And if Dems don’t take the senate?
There’ll be a lot of wheeling and dealing, but Biden is largely leaning towards $10,000 of debt relief per borrower.
That’s pretty good.
It is! It would completely eliminate debt for over a third of graduates, and halve what’s owed by another 20 percent. Basically, over half the graduates in the US would receive a massive amount of help and peace of mind.
Why do I feel a “but” coming?
But! As nice as that would be, this isn’t going to be a simple, universal program. The debt relief figure for each individual will more than likely change based on you/your family’s income level, and the lender you borrowed from in the first place. It’s highly likely some will see complete relief, and some will see none at all.
How do I know which group I’m in?
Sadly, it’s too early to tell. We’ll get a better picture once Biden’s in office, the Senate is settled, and attention turns to the new president’s actions, not words.