More than 40 million Americans carry student loan debt today, totaling roughly $1.75 trillion.
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.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2022 election: Q&A with Brian Jones, California State Senate District 40 candidateBrian Jones is one of two candidates running for a seat in the California State Senate District 40
Read more »
2022 election: Q&A with Joseph Rocha, California State Senate District 40 candidateJoseph Rocha is one of two candidates running for a seat in the California State Senate District 40
Read more »
RGIII Says NFL Teams Called Him After Impressive 40-Yard Dash'The phone blew up as soon as the time went public.' –– RGIII
Read more »
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.
Read more »
The Perfect Amount of Sleep for People Over 40A new study says seven hours of sleep a night may be the ideal amount for keeping your brain in good health if you're middle-aged or older.
Read more »
Illinois man gets 40 years in prison for beating, shooting death of another manPercy Freeman, 29, will spend 40 years in prison for the murder of Roosevelt Anderson. Surveillance video captured the attack in Illinois in 2019.
Read more »