Student loan forgiveness could be coming. These are the steps borrowers should and shouldn’t take before there’s more news.
Currently, there are pending reports from the U.S. Department of Education and the Justice Department on whether the president has the legal authority to implement loan forgiveness through executive action. It's still unclear when the findings will be published.
If the White House opts to leave student loan forgiveness to legislators, Democrats may take action before the mid-term elections, experts say.At the moment, the main point of contention among student loan forgiveness proponents is over how much debt should be scrapped: $10,000 or $50,000? Canceling $50,000 for all borrowers, on the other hand, would shrink the country's outstanding student loan debt balance to $700 billion, from $1.7 trillion. Meanwhile, the debt for 80% of federal student loan borrowers, or 36 million people, would be gone entirely.
Since $10,000 in student loan forgiveness is the proposal most likely to turn into reality, Betsy Mayotte, president of, a nonprofit, said she sees nothing wrong with people who owe under that amount redirecting their usual payments to savings until we hear more about forgiveness.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This is how an F1 race car's suspension worksNew video lets you learn the ins and outs of F1 suspension technology.
Read more »
Lindsay Lohan Shared a Ton of New Pics of Life with Her Fiancé Bader ShammasWait, they're so cute!
Read more »
What’s ahead for crypto and blockchain in 2022? Experts answer, Part 1Here’s what industry insiders foresee in the development of the blockchain and crypto space in 2022.
Read more »
Matter is coming to save the smart homeApple, Google, and Amazon have teamed up to fix the smart home with a new standard called Matter
Read more »
4 Dates That Will Define 2022, According To AstrologersAs another year comes to a close, a whole new batch of astrological curveballs is waiting for us in 2022. Here, we're sharing the solar and lunar eclipses that astrotwins are predicting will shape the year ahead. 🔮
Read more »