How soon will student borrowers be able to wipe away $10,000 of debt?
President Joe Biden is expected to provide Americans with his plan to cancel $10,000 worth of student loan debt.
As part of the plan, $10,000 would be forgiven per borrower.
To date, $17 billion in student loan debt has been forgiven as part of the Biden Administration’s effort to relieve struggling Millennials and borrowers.
Some are concerned that canceling student loans will result in more inflation.
At this point, it’s expected that student loan debt forgiveness will be capped at $125,000. If an individual earns more than that per year, they would not be eligible for the $10,000 of forgiveness.
Some have voiced concerns about canceling student loans, noting it would provide an unfair advantage to those who did not take out loans, those who already paid them off, or those who skipped college altogether.
MORE ON STUDENT LOAN DEBT CRISIS
- Student Loans: How to save and repay the loan quicker
- Going to college and need loans? Pick a career that won’t leave you in debt
- Student Loans: Use these tips to save $1,000s and pay off debt faster
- What is the income limit for student loan forgiveness?
- 110,000 people could benefit from student loan forgiveness
- Who will benefit from Biden’s student loan forgiveness proposal?
- Are there negatives to student loan forgiveness?
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