The freeze on student loan payments is set to expire on Aug. 31, and President Joe Biden has been weighing whether to extend the pause, among other moves.
More than 43 million Americans owe a combined $1.6 trillion in student debt held by the federal government, according to data from the Education Department. That includes more than 7 million borrowers who have defaulted on student loans, meaning they are at least 270 days late on payments.
With inflation at its hottest level in four decades, a shrinking U.S. economy, and climbing interest rates, repaying student loans could become even more challenging for borrowers.There are three factors that could lead to inflation which include demand-pull inflation, cost-push inflation and built-in inflation.
The U.S. government could waive some outstanding student debt, although nothing has been announced yet. The White House is reportedly mulling an executive order that would cancel up to $10,000 of debt per borrower tied to an income threshold, CNN reported Monday,Last month, top U.S.
On average, a student loan in the U.S. will accrue $26,000 in interest alone over 20 years, according to the Education Data Initiative. The average student borrower takes 20 years to pay off their student loan debt, and some professional graduates take over 45 years to repay their loans.
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