FILE - New graduates line up before the start of a community college commencement in East Rutherford, N.J., on May 17, 2018. President Joe Biden is expected to announce Wednesday Aug. 24, 2022 that many Americans can have up to $10,000 in federal student loan debt forgiven.NEW YORK — President Joe Biden is expected to announce Wednesday that many Americans can have up to $10,000 in federal student loan debt forgiven.
Interest rates will remain at 0% until repayments start. Under an earlier extension announced in April, people who were behind on payments before the pandemic will automatically be put in good standing.Details are yet to be announced, but only people making less than $125,000 a year are expected to qualify. People who borrowed through most federal student loan programs are likely to be eligible, while those who have private loans issued by banks or schools probably won't be.
Congrats to every worker busting their ass in the the ship channel, truckers, and other blue collar gigs to fund someone’s gender studies degree. Elections have consequences.
The US could get more bang for the buck if it paid debts based on not the face value but what the holders of the debt paid. Why? Because most student loans are resold in'tranches' at cents on the dollar. If someone paid $1k for a 10,000, pay the $1k, wipe out $10,000!
It means the responsible will be paying for the irresponsible.