If President Joe Biden's student loan forgiveness plan survives the Supreme Court, around 14 million people could see their balances entirely cleared.
That would reduce the country's $1.7 trillion outstanding education debt balance to $1.3 trillion.Roughly a third of those with federal student loans, or 14 million people, would have their balances entirely forgiven by the president's program, according to an estimate by higher education expert Mark Kantrowitz.
These borrowers likely won't have to make a student loan payment again, Kantrowitz said. The Biden administration has said it won't resume the bills until 60 days after the litigation over its plan resolves ."Sixty days will be enough to forgive student loan debt if the president's plan survives," Kantrowitz said. "They've already approved forgiveness for"It should take one to two weeks for the servicers to implement," he added.
Still, that means around 37 million people would be eligible for loan cancellation, Kantrowitz estimates —Monthly bills cut by a third or more
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