Why hasn’t Joe Biden forgiven all your student loan debt? Short answer: he never promised to | Personal finance

Debt forgiveness is an important tool in the fight against the student loan crisis, but it is certainly not the only one. The Department of Education has also worked to improve the income-based repayment options currently available to borrowers and offered a fifth program, although details are limited at this time.

Yet focusing on student debt, and loan forgiveness in particular, is what Dimino calls a primary approach to education affordability because it helps those who have already borrowed money to attend school. .

“There is no doubt that this provides tremendous relief, especially for borrowers who have not completed their studies or who have high needs after graduation,” she said. “But at the same time, debt cancellation would only look at one side of the problem.”

On the front end, Dimino said the administration also needs to prepare prospective students for financial success once they graduate. This includes ensuring tuition is affordable and students earn degrees that have real value in the job market.

And that’s what Biden will likely focus on in the coming year. Free community college was a proposal that didn’t go through (now stalled) Building back better plan, but it’s something Dimino said the president has expressed a desire to push through his term. Other proposals are also in the works, such as setting aside funds for retention and college completion efforts to ensure that students entering college actually cross the finish line.

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