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Donald Trump vs Joe Biden: How The Election Will Impact Student Loans | Forbes
Posted
October 14, 2020
Views
10,927
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October 14, 2020
10,927
179
90
2.46%
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9:19Now PlayingHeading into the 2020 presidential election, student loan debt is weighing on many potential voters: According to the Federal Reserve, as of the second quarter of 2020, borrowers hold more than $1.6 trillion in student loan debt, and as of 2019, 43% of those who attended college had taken on debt to attend school.
President Donald Trump’s and Democratic presidential nominee Joe Biden’s plans to address this crisis differ in several major ways. Here’s what you can expect from each candidate, based on Biden’s campaign promises and Trump’s 2021 congressional budget proposal.
There’s no guarantee these proposals will go into effect—Biden’s plans will have to pass Congress, and Trump’s prior budgets have been rejected by Congress, requiring further negotiation. But student loan borrowers can use the candidates’ blueprints to imagine what could happen to their loans over the next four years.
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