About 15 million borrowers could see their student loan balances erased, as President Biden is expected to announce a student debt forgiveness plan on Wednesday.
By Adam Barnes and Shirin Ali, The Hill
President Biden is expected to cancel up to $10,000 in student loan debt per federal borrower earning less than $125,000 annually on Wednesday, holding true to a campaign promise and relieving millions of their student debt burdens.
If the president’s plan moves forward, he could potentially eliminate loan balances for around 15 million people, which accounts for about one-third of all U.S. student loan borrowers. These Americans will see their monthly payments go away and the U.S. will simultaneously lower its $1.7 trillion outstanding student loan balance.
The decision will still leave 30 million borrowers on the hook for the remainder of their balances, some potentially seeing little movement in their monthly payments when the moratorium reaches its expected end.
That’s because data shows the average student borrower owes more than $37,000 to be paid off over 20 years.
Recent Posts
The U.S. House Is Trying to Stop Donald Trump’s War on Iran
Take Action Now Congress is now attempting to end the Iran war without President Donald Trump’s approval. The House of Representatives is invoking…
Nebraskans are Taking a Hard Look at Data Centers
Take Action Now Residents and officials are finding ways to slow down the development rush.By Anila Yoganathan, Grist Standing before the Otoe…
A Movement Is Growing to Close the Largest ICE Jail on the East Coast
Take Action Now An ICE jail in rural Pennsylvania has been accused of medical neglect, providing unsafe water, and serving spoiled food.By Renée…
It’s Possible to End Corporate Influence in Politics
Take Action Now There’s more money in politics than ever. But some state governments are finding ways to fight back.By Sonali Kolhatkar,…