According to a recent report by the Wall Street Journal (1), the Biden Administration plans to open student loan forgiveness in a more meaningful way through an existing but currently ineffective program.
Apparently, so-called “income-driven” repayment plans have so far been ineffective, only allowing a select few of America’s luckiest individuals to experience any real debt relief. The Biden administration plans to change that.
The report clearly showed that the student loan forgiveness program changes proposed would still only apply to certain sects and would exclude most middle-income families.
The real impact of these proposed changes would essentially include making it easier for individuals who have not secured proper funding (to repay their college debt) to simply have their debt removed altogether.
Many skeptics of the bill have argued that this type of policy punishes those who have worked and carefully planned for college by making them pay the full amount, while at the same time rewarding complacency regarding entering college-related debt.
This news comes when about one-in-six Americans have student loans that total a whopping $1.75 trillion according to a recent study. (2)
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Contributor(s)
Al K. Scott
(1) Gabriel T. Rubin, Biden Aims to Expand Access to Student Loan Forgiveness for Millions of People. The Wall Street Journal. Apr. 19, 2022 4:44 pm ET
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