Chief of Staff Ron Klain said on Thursday that Pres. Joe Biden asked the Education Department to prepare a memo to cancel student debt.
The young Biden administration is now facing a challenge to address the student loan crisis in the country. The Federal Reserves estimated during the third quarter of 2020 that around 40 million people have student loans, according to a published article in NBC News.
The federal agency also added that the student debts that Americans owed are around $1.7 trillion. Moreover, studies also show that students of color are more likely to have student loans and struggle to pay them back.
Yahoo News reports that Pres. Joe Biden is now looking into this matter. He already asked Education Secretary Miguel Cardona to prepare the memo that cancels student debt. The memo will be crafted alongside the Justice Department.