Student Debt

Will Biden’s forgiveness plan bring relief?


President Biden announced a major federal student loan forgiveness program in August that could erase loans for about 20 million Americans, substantially cut debt for millions more and favorably change repayment and forgiveness terms for future borrowers. The plan — estimated to cost $400 billion or more over the next decade — drew legal challenges from opponents who say Biden lacks such authority, creating uncertainty for borrowers and loan servicers. Meanwhile, the pandemic pause on loan payments expires at the end of 2022; starting in January, borrowers will need to resume monthly payments. At the local level, more states are greenlighting tuition-free colleges and aid to help combat rising education costs.

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles