Americans owe a whopping $1.78 trillion in student loan debt, making it the second-highest consumer debt category behind mortgage debt.

Joe Biden has had his eyes fixed on the country's student loan dilemma ever since he ran for president in 2020. He pledged to cancel at least $10,000 of student loan debt per person in an effort to free people from having to choose between paying student loans and paying the rent.

But this summer could be a turning point for borrowers. If you haven't been keeping up with student loan debt news, here are two things you should pay attention to.

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Source Fool.com