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With Democrats holding a majority in the House and Senate, one expert believes the Biden administration to take bold action on the nearly $1.7 trillion in student loan debt held by roughly 43 million Americans.

“There are really three buckets of action we should expect,” Isaac Boltansky, director of policy research at Compass Point Research & Trading, told Yahoo Finance Live.

Boltansky expects the Biden administration to push for raising tuition funding, amend bankruptcy laws, and offer a low level of student loan cancellation through legislation passed in Congress.