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  • The Biden administration is considering forgiving the student debt of millions of Americans.
  • Here are some of the key reasons why that may happen.

The Biden administration is considering wiping out hundreds of billions of dollars in student debt. Its announcement could come as soon as next month.

Why would the federal government relieve a large portion of the loans it gave out?

These are some of the main reasons, according to experts.

1. A growing sense the system is broken
With the cost of attending higher education ballooning and household wages sputtering over the last few decades, more families have had to turn to loans to cover their children’s college bills. Average student loan balances at graduation have almost tripled since 1980, from around $12,000 to more than $30,000 today.

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The country’s outstanding education debt balance now exceeds $1.7 trillion and poses a larger burden to households than credit card or auto debt.

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