As the amount of student debt in the U.S. climbs to over $1.7 trillion, students each year are plunged into debilitating debt. President Biden campaigned on a promise of cancelling $10,000 in student debt for every single borrower, but so far his administration hasn’t moved to do so. Economists and activists say, even if he does cancel a portion of student debt, more must be done to prevent student loans from ballooning again in the future.

Student debt in the U.S. has ballooned to over $1.7 trillion since Congress first allowed college students to borrow from the government in 1958. This debt has varying effects on students, workers and the larger economy.

“We see the student debt crisis when it comes to individual student loan borrowers. We see how student loan borrowers struggle to save for retirement, to have emergency savings, to buy houses, to start small businesses,” Student Borrower Protection Center former executive director Seth Frotman told CNBC.

In the last few years, though, activists from both sides of the aisle have called for the president to do something about student debt. Many have even pushed for outright cancellation.

“It is abundantly clear that under a statute called the Higher Education Act, the president of the United States has the legal authority to cancel federally owned student debt,” said Rep. Mondaire Jones, D- N.Y.

Some argue that debt cancelation isn’t the answer and would mostly benefit wealthier borrowers who don’t have a problem paying off their loans on time.

“If I were to say to you, would you borrow one hundred thousand dollars to go to Harvard Law School, you wouldn’t blink and say yes, that’s clearly a good deal,” Wellesley College economics professor Phil Levine said. “We shouldn’t be absolving those people off their debt. They made an enormous investment that’s going to pay off, really, a lot.”

President Joe Biden has been largely silent about a plan to broadly cancel student debt since taking office, even though he campaigned on canceling up to $10,000 in student debt for all borrowers. However, his administration has absolved some student debt for certain groups like borrowers with disabilities and active duty service members.

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How Soon Could Pres. Biden Cancel Student Debt?

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Lawyer Mark Silverthorn describes how some Canadians pay more than 100 percent of monies owing to creditors using credit counseling

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The National Consumer Regulator says it has received complaints from consumers who have been placed under debt review without their knowledge.
And it has blamed this on false advertising on the part of debt counsellors and credit providers.
The NCR has called on consumers to know what they are getting themselves into when applying for debt consolidation and restructuring.

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Conventional wisdom suggests that paying off debt early at the expense of some of your investment money in the short term is a bad trade unless the debt you’re carrying is high interest debt like credit cards. The thinking is why would anyone want to pay off debts with 5% or 6% interest rates when they could instead invest that extra payment money into the markets and earn 7%-10%. And, to be fair, there are certainly instances where that logic makes a lot of sense. I know the title of the video is pretty black and white, but that’s mainly because in my experience the discussion surrounding this topic presents it as a very clear cut decision and I feel that there’s a bit more nuance to it that often gets lost in translation. Today I’m going to be going over 4 reasons why I feel that, in certain situations, paying off even lower interest debts can be the better approach, even if it means giving up some investment returns in the short-term.

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