Student Loan Forgiveness

The nation’s outstanding federal student debt now tops $1.6 trillion after ballooning for years, according to the Education Data Initiative. More than 43 million Americans have federal student debt, with almost a third owing less than $10,000 and more than half owing less than $20,000, according to the latest federal data.

President Joe Biden is canceling some student debt for millions of Americans, delivering at least partially on a campaign promise and hoping to energize younger, college-educated voters ahead of the November midterm elections.

Biden’s plan calls for thousands of dollars in loan cancellations for individuals who earn less than $125,000 a year. For those who went to college on Pell Grants, $20,000 will be forgiven. Those who did not receive that grant will see $10,000 in debt forgiveness.

People with undergraduate loans can cap their repayment at 5% of their discretionary income. After 20 years of monthly payments, people’s undergraduate loan obligation will be fulfilled if it hasn’t already, Biden said.

This plan has been inspired by Vermont Senator Bernie Sanders and looks like Biden is holding up his end of the deal. What do you think?

We caught up with a student going to the University of Utah. Here is what he had to say. Do you agree?

Tell us why or why not in the comments below :)

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