The Biden administration unveiled new student loan proposals. If implemented, this would give 25M Americans relief from accumulated balance growth caused by unpaid interest, with 23M having their entire balance growth eliminated. Under the proposed plans, people would receive $20K in loan forgiveness for balances that have increased as a result of unpaid interest since beginning repayment, regardless of income. It would also impact borrowers who’ve paid for 20 or more years and those in financial need. The White House administration states that more than 30M Americans would have received loan forgiveness under the plans over the last three years if they were already in effect. (The Hill)
📊 YPulse data: 74% of 25-39-year-olds hold some kind of debt, and 20% have debt specifically related to student loans
