President Biden’s student loan forgiveness announcement could wipe the slate clean for as many as 14 million borrowers. Here’s a breakdown of the state of student loans across the U.S.
Student debt has ballooned
According to the Federal Reserve, borrowers collectively held more than $1.5 trillion in student debt in the second quarter of 2022. Student debt is the largest consumer debt category after mortgages.Data from the Education Department shows that more than 45 million people hold federal student loans, with more than half owing less than $20,000. Approximately 14.6 million borrowers owe up to the $10,000 forgiveness cap, although those that earn more than $125,000 annually would be ineligible.
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APESlate Money talks student loan debt, Dan Price, and AMC.
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Advice | Students, don’t count on loan debt forgiveness ever happening againAdvice: This fall, millions of high school seniors will begin applying to college for the 2023-2024 academic year. One wonders if they might overextend themselves with the expectation that they, too, will someday not have to repay part of their loans.
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How many Utahns will benefit from student loan forgiveness? And how soon?Collectively, Utahns with outstanding federal student loan debt owe about $10.2 billion, or over $33,000 per person. More than 100,000 of them are eligible for relief under the plan.
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Florida couple who paid off $190k in student loan debt in 27 months 'angry' over Biden's handoutCristina and Sherman Merricks call Biden's student loan handouts 'unfair' and coming at a cost to their children after working to pay off $190,000 of student loan debt.
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The real polarization in the United StatesBy shifting the burden of paying back $20,000 from each person who incurred student loan debt to taxpayers, Team Biden exacerbated the political polarization of the United States.
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