Senate committee weighs economic impact of student loan debt forgiveness

Members of a Senate Committee on Thursday heard from financial experts about the economic impact of the debt and potential solutions.

“Instead of achieving the American dream, borrowers are trapped in economic debt and economic instability,” said Sen. Sherrod Brown , chair of the Senate Committee on Banking, Housing and Urban Affairs. “The Biden administration has the power to change the financial lives and future of millions of borrowers by forgiving meaningful portions of student loan debt.

Last month, the U.S. Department of Education announced fixes to the income-based repayment plan which will bring relief to some borrowers. “Federal Student Aid estimates that these changes will result in immediate debt cancellation for at least 40,000 borrowers under the Public Service Loan Forgiveness Program,” the U.S. Department of Education said in a statement. “Several thousand borrowers with older loans will also receive forgiveness through IDR. More than 3.6 million borrowers will also receive at least three years of additional credit toward IDR forgiveness.

But progressives in Congress and outside Washington say that’s not enough and called for more widespread student loan forgiveness.

Canceling credit card would have a much greater economic impact! truth fact CancelCreditCardDebt

I finally got mine cleared up this year!!! It was a long time coming but I did it. Took me over 10yrs... Ffs.

Guess they better get to paying. I know I had to pay all of my loans myself.

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Sen. Warren: 40 percent with student loan debt do not have a college diplomaPresident Biden canceling student debt and significant student debt relief are encouraged by Sen. Elizabeth Warren. 'In fact, 40 percent of the people who have student loan debt do not have a college diploma. Think about that,' Sen. Warren tells Joy Reid. A Fake Indian,and a Fake Journalist walk into a bar… U have zero credibility. Do what I say. Think what I think. When a ruling doesn’t go your way - the sky is falling. You never address the poor and those w/out a college degree subsidizing those with student loans. 56% are working for or have grad degree. Impact on inflation? This woman needs some serious help. Why do these people come out of nowhere when an election is approaching? Is anyone buying into any of this?
Source: MSNBC - 🏆 469. / 51 Read more »