Miguel Cardona, Secretary of Education, explains why fixing a “broken” student loan system should be a priority for the Biden administration

The federal student loan payment freeze will expire in May. Secretary of Education Miguel Cardona said Friday on CBS Mornings that the Biden administration was working to assist students with debt relief.

Cardona stated that they are having these conversations right now. “It’s definitely something that, where we can address where colleges might take advantage or loan servicers took advantage of borrowers,” Cardona said. We will continue to discuss general debt relief.

The United States has more than $1.7 trillion of student loan debt. Federal student loan debt is held by more than 43 million borrowers.

 

Cardona stated that the Biden administration has increased relief for some student loan borrowers including the granting of forgiveness to 33,000 student loan holders through the Public Service Loan Forgiveness Program.

“We have been putting students and borrowers at the centre of our conversations since day one. Cardona stated that President Biden has already forgiven more than $17 billion in just one year.

Democratic Senator Elizabeth Warren said that Mr. Biden should do even more to cancel all student loan debt.

Cardona stated that they are working to ensure the loan process does not harm students.

“We recognize that we as administrators have a responsibility for putting our students first. We believe that higher education needs to be improved. He said that the loan process needed to be improved. “We are working on it to ensure that the system doesn’t return to where we were. We don’t want to be in the exact same situation five years from now. We have been working hard to fix the system. Loan forgiveness is one thing.