Biden promised to forgive student debt, but don’t expect relief anytime soon

Biden promised to forgive student debt, but don’t expect relief anytime soon

Nate Wlodarchak, left, and his husband Shawn Wlodarchak.Source: Nate WlodarchakAs Nate Wlodarchak drove people to the polls on Election Day, he couldn't stop picturing his life without student debt. On the campaign trail, now President Joe Biden had promised to forgive $10,000 of the loans for all borrowers, which would practically reset Wlodarchak's balance to zero.Without the loans weighing on him, Wlodarchak, 37, a scientist who studies tuberculosis, could direct more of his paychecks to his savings each month. And he and his husband, Shawn, who live outside Denver, could finally start thinking seriously about the many goals, like having children, that they've had to leave on the back burner.Now Wlodarchak and tens of millions of other borrowers saddled with student loans are looking to the new president to ease some of their debt burden. "We took to heart his promise to make it a core priority," Wlodarchak said.However, with the Biden administration coming in amid dual and historic economic and health crises, student loan forgiveness may not come as quickly as some had hoped. Vaccinating people against Covid, re-opening schools and getting financial relief to unemployed and food-insecure Americans will likely take priority.More from Personal Finance:College can cost as