As the 2020 election heats up, many votes are calling for action regarding student loan debt in the United States. Many votes believe that all student loan debt should be cancelled. So how does Joe Biden feel about the issue? Biden does not support total student loan debt cancellation. However, in the wake of the COVID-19 pandemic, Biden proposed a student loan forgiveness plan to cancel up to $10,000 in student loan debt for each borrower.
According to Forbes, under this pandemic sparked plan, Biden would forgive all undergraduate tuition from two- and four-year public colleges and universities.
Biden also would forgive all undergraduate tuition for borrowers who earn $125,000 or less per year and who graduate from a private Historically Black Colleges and Universities (HBCU’s) and Minority-Serving Institutions (MSI’s). Through public service loan forgiveness, Biden also would forgive $10,000 a year in student loan debt for up to 5 years for a total of $50,000 of student loan forgiveness.
For comparison, here are the viewpoints of a few other comparable in status politicians:
Bernie Sanders proposed to cancel all $1.6 trillion of student loan debt, including both federal and private student loans. Sanders’ proposal is the most broad-based student loan forgiveness plan. Elizabeth Warren proposed to cancel student loan debt for 95% of Americans.
Warren’s proposal would cancel $50,000 in student loan debt for every person with household income under $100,000 provide substantial debt cancellation for every person with household income between $100,000 and $250,000.
