If you -- or any loved ones -- are mired in student loan debt, you'd do well to keep up with developments regarding it, because there are forces at work to lighten the burden of student loan debt and forces at work to thwart that lightening.

Much of the will to help those struggling with student debt is coming from the White House, and some words from President Joe Biden can give you hope.

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Image source: Getty Images.

The student debt situation

You won't be surprised to learn that the student-debt situation in America is rather grim. Here are some recent statistics, from the folks at the Education Data Initiative:

  • Student loan debt in the United States tops $1.75 trillion. (It was less than $1 trillion in 2011.)
  • Fully 93.1% of student loan debt, $1.64 trillion, is tied to federal loans -- most of which charge 0% interest.
  • There are nearly 44 million people who have outstanding student loans.
  • The average amount owed for federal student loans was recently $37,338.
  • The total amount owed, when including private loans, may top $40,000 per borrower.
  • The average public university student has borrowed $31,410 in pursuit of a bachelor’s degree.

That's a lot of debt, affecting a large portion of Americans, and it's making it hard for millions of them to get ahead -- which is generally the main point of going to college in the first place.

What President Biden has said about student loan debt

So what has President Biden said about student loan debt? Well, here are some important words, from a speech he made in Albuquerque back in November:

My commitment when I ran for President was, as I said, I would — the government would work to deliver for ordinary people… I’m keeping my commitment to relieve student debt.

I italicized the key words. Biden's commitment is more than mere words -- he has proposed a specific plan. Here are some details he shared on it:

  • "If you earn under $125,000 a year, you'll get up to $10,000 knocked off your student debt."
  • "If you earn under $125,000, you'll receive a Pell — and you received a Pell Grant, you’ll get another $10,000. That’s $20,000 in relief."
  • "Across America, nearly every Pell Grant recipient comes from a family making under 60 grand. Two thirds come from families making under $30,000 a year."
  • "Folks, in total, more than 40 million Americans stand to benefit from this relief."

Those struggling under the weight of student debt will presumably like this plan. In fact, many Americans support student debt relief. Per the Education Data Initiative:

  • "55% of Americans support cancellation of up to $10,000 per borrower in federal student loans."
  • "47% support cancellation of up to $50,000 per borrower."
  • "31% of Americans oppose student loan debt cancellation."
  • "Among those identifying themselves as 'liberal,' 78% support student loan forgiveness."
  • "Among those identifying as 'conservative,' 39% support student loan forgiveness."

So there's a plan on the table, and the majority of Americans support it. All good, right? Not quite.

Student debt forgiveness in the news

If you're keeping up with the issue in the news, you probably noticed that the Senate recently passed a resolution to stop the Biden plan -- with a 52-to-46 vote. President Biden plans to veto it, keeping the plan in place.

In addition, the Supreme Court is set to weigh in on the matter before the end of the month, while a moratorium has been in place, suspending student loan repayments.

So take heart, borrowers -- relief may be on its way. You may be able to help it arrive by letting your representatives in Washington know what you think about student loan debt relief. (Of course, if you oppose it, you can voice that opinion, too.)