The $1.7 trillion student-debt crisis in the US continues to grow, making the burden heavier for millions of Americans.
Since March 2020, as part of pandemic relief measures, federal borrowers have not had to make student-loan payments, and interest on the loans has been waived. President Joe Biden extended the pause for a fourth time, through August 31, citing uncertainty with the pandemic. Advocates and lawmakers lauded the decision and the additional relief for 43 million federal borrowers.
But even during the payment pause, many borrowers did not feel relieved. The looming date for restarting payments sparked anxiety and fear among some borrowers who knew that even though they had not been required to pay off their debt over the past two years, they would not be able to afford an additional bill in just a few months. That's why some Democratic lawmakers are calling for Biden to cancel student debt for every federal borrower.
"More than 40 million Americans have benefited from the federal pause on student-debt payments, but without cancellation they will be buried under a mountain of debt once again," Sen. Elizabeth Warren of Massachusetts told Insider. "The president campaigned on canceling at least $10,000 in student debt, he has the executive authority, and now is the time to deliver."
Now, Biden is reportedly considering $10,000 in relief for borrowers making under $150,000 a year, and that announcement is likely to happen in July or August, closer to when payments are set to resume. But that relief could leave some borrowers out, like parents and graduate students, and the amount will not make a huge difference to those with much larger debt loads.
Over the past year, Insider has spoken with nearly two dozen borrowers who shared their experiences with the "hamster wheel" of student debt, its impact on their lives and their families, and their fears that their debt will follow them to their graves. Here are their stories.