Is student loan forgiveness finally on the way to help the millions of Americans looking for assistance? According to a report by The Washington Post, the Biden administration plans to cancel $10,000 in student debt per borrower. The move would be consistent with the President’s campaign promise in 2020.
With the new plan, there will be income limits. The Biden administration’s forgiveness plan would apply to Americans who earned less than $150,000 in the previous year or less than $300,000 for married couples filing jointly, two of the people told the Post. A study by New York Federal Reserve economists, forgiving $10,000 per student would amount to $321 billion of federal student loans and eliminate the entire balance for 11.8 million borrowers, or 31 percent.
If you didn't go to school , you'll be ask to bailout individuals that make more money than you.
