President Biden reveals his plans to provide student loan debt relief, which would apply to more than 30 million Americans. The plan includes eliminating accrued interest for 23 million borrowers and canceling the debt for over four million borrowers.
President Biden just announced his new plan to provide student loan debt relief . When paired with the other cancellations the Biden Administration has provided, this relief would apply to more than 30 million Americans .The President traveled to Madison, Wisconsin to reveal his plans. If implemented, these plans would eliminate accrued interest for 23 million borrowers and would cancel the debt for more than four million borrowers.
Borrowers who didn’t complete their degrees now owe $918 million overall, which is 6% more than they borrowed in the first place, a study from the HEA Group revealed. The group of borrowers who did complete their degrees owe a combined $3.2 billion — 6% less than the amount they borrowed.The study found that the degree level also made a difference in repayment timelines. Borrowers who complete four-year degrees owe 8% less on their federal student loans.
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