US President Biden announces US Student Loan Forgiveness Program Details.

• A campaign promise of the current U.S. President was College Student Loan Forgiveness.
• Details of the proposed program were released today, which will totally forgive the debts of many, and a large percentage of others.
• The apparent target group for the proposal is the group of students currently earning so little income that loan default is statistically probable.

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Details available now include:

• Proposal to forgive $10,000 in student loans for borrowers who earned less than $125,000 during the pandemic.
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• Additionally proposes that : People who received Pell Grants, and grants to low-income students, while they were enrolled in college will be eligible to have $20,000 in debt forgiven.
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• The proposal states that only Only people who earned less than $125,000 as an individual or $250,000 as part of a married couple in 2020 or 2021 will be eligible for forgiveness.
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It is projected that this measure will help by:

• Completely forgiving and erasing the student debt entirely for 15 million of the 43 million people with federal loans. source

• Partially forgive the debt of an additional 5 million people.
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• This will not help over 23 million students.

• The estimated cost of the proposal is $230 billion dollars. source

Right or wrong?

• This gives financial relief to 20 million US Students.
• Some will debate the fairness of forgiving some, but not others, and some will debate it due to the cost.
• What fo you think?

@shortsegments

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