The Biden administration could start discharging millions of Americans student debt as soon as this Sunday, Oct. 23.
The president announced in August that most federal student loan borrowers will be eligible for some forgiveness: up to $10,000 if they didn't, which is a type of aid available to low-income undergraduate students, and up to $20,000 if they did.
More than 40 million Americans are in debt for their education, owing a cumulative $1.7 trillion, a balance that far exceeds outstanding credit card or auto debt.the amount of student debt people graduate with to soar.Even before the pandemic, when the U.S. economy was enjoying one of its healthiest periods in history, problems plagued the federal student loan system.
Only about half of borrowers were in repayment in 2019, according to an estimate by higher education expert Mark Kantrowitz. About 25% — or more than 10 million people — were in delinquency or default, and the rest had applied for temporary relief for struggling borrowers, including deferments or forbearances.Corey Shirey, who's studying to be a pastor in Oklahoma, expected to be paying his student debt for 15 years before the president announced his plan. He said pastors in his state usually start off making around $40,000 a year.
As soon as the application went live, he applied for forgiveness. Since he received a Pell Grant in college – he was raised by a single mother who couldn't afford to save for his college – he'll be getting $20,000 in forgiveness, and will be left with just around $5,000 in debt.
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