Student loans remain a substantial hurdle for nearly everyone with a college degree.For those currently struggling under the weight of education debt, President Joe Biden used his executive powers to extend the pause in federal student loan payments until September.Nearly 43 million federal borrowers are hoping massive student loan forgiveness might be Biden’s next major move on the debt problem.”We have an opportunity to make this a New Deal moment,” said John B. King Jr., who served as education secretary under former President Barack Obama, during a summit on the topic hosted by the Student Debt Crisis Center.More from Personal Finance:Free college is now a reality in nearly 30 statesMillions of student loan borrowers in default get a fresh startStudent loan payments won’t be due until SeptemberPresident Franklin D. Roosevelt’s large-scale relief programs in the 1930s, aimed at restoring financial well-being after the Great Depression, fundamentally changed the government’s role in American lives.Broad-based loan forgiveness under Biden would be a modern day parallel to those New Deal policies, he said.This is “a moment for our country to actually take on some of our deeper systemic challenges and correct the policy mistakes of the last 40 years,” King added.Since the 1980s, declining public funds have caused college tuition to…
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It's time to fix student-debt crisis, says former education secretary – CNBC
