Secretary of Education Miguel Cardona on why "fixing a broken" student loan system is a priority for Biden administration
As the freeze on federal student loan payments is set to expire in May, Secretary of Education Miguel Cardona told "CBS Mornings" Friday that the Biden administration is working on how to help students with debt relief.
"We're having those conversations now," Cardona said. "It's certainly something that, where we have the ability to address where colleges might have taken advantage or loan servicers have taken advantage of borrowers, we're releasing and discharging debts. We'll continue the conversations about overall broad debt relief."
Americans owe more than $1.7 trillion in student loan debt in the United States. More than 43 million borrowers hold federal student loan debt.
Cardona said the Biden administration has been ramping up relief for some student loan borrowers, including allowing 33,000 student loan borrowers forgiveness through the Public Service Loan Forgiveness program.
"We're definitely, since day one, putting borrowers and students at the center of conversations. In just one year, President Biden has forgiven over $17 billion already," said Cardona.
But Democratic Senator Elizabeth Warren has said Mr. Biden should do more and cancel all student loan debt.
Cardona said they are working on ensuring the loan process works to help students not hurt them.
"We know in the administration we have a responsibility to put our students first. We think that the higher education system needs work. We think the loan process needs work," he said. "We're working on it to make sure that the system doesn't go back where to we were, too. So five years from now we do not want to be in the same position we are in. Loan forgiveness is one thing, but fixing the broken system is something we've been working on, as well."
