The Biden administration announced Wednesday it was moving to make sweeping changes to the federal student loan system, including making it easier for public servants to get debt forgiveness and setting new limits on the accrual of interest.
Federal student loan forgiveness still undecided
The country's $1.7 trillion outstanding student loan balance outpaces credit card or auto debt, and more than 10 million borrowers were behind on their payments before the pandemic.said he was in support of clearing $10,000 from borrowers' accounts. Doing so would cost around As the White House deliberates on how to move forward with loan forgiveness, if at all, the amount it should cancel remains one of the biggest sticking points.
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