BusinessEducationForgiveness Plan Would Remove One-Third of Students' Loan Debt

Forgiveness Plan Would Remove One-Third of Students’ Loan Debt

-

- Advertisment -sslate

About one in three Idahoans who have federal student-loan debt would see it erased entirely if the Biden administration goes forward with a $10,000 forgiveness plan. That’s according to analysis from the website Student Loan Hero.

President Joe Biden is considering eliminating the debt through executive order. Andrew Pentis, a senior writer and certified student loan counselor at Student Loan Hero, said the average monthly loan repayment in Idaho is $274.

“Whether you have more or less than $10,000 worth of student loans left to repay, this dose of forgiveness would be hugely helpful, in either getting rid of your debt or shrinking it considerably,” said Pentis. “So certainly, if you’re a borrower in Idaho, you’d be rooting for something like this to happen.”

Students

The Trump administration paused federal student loan repayments in March 2020 during the pandemic. Biden extended the pause on his first day in office through at least October 1.

Some Democrats want the Biden administration to forgive up $50,000 in student loan debt, but Republicans have pushed back on forgiveness, saying a blank check is not the right answer.

The average student loan debt in Idaho is lower than the national average, but still comes in at more than $32,000 per borrower. Pentis said that debt has ripple effects on other parts of life.

“It might be hard to find room in your budget to be able to afford that along with higher-priority personal financial needs,” said Pentis, “such as just covering your basic bills every month and dealing with higher-interest debt, such as on credit cards.”

Saturday is National College Decision Day, and groups like the Progressive Change Campaign Committee will be using the day to highlight the stories of people saddled with student debt.

Sunshine Slate
Sunshine Slatehttps://www.sunshineslate.com
Sunshine Slate is your news, entertainment, music fashion website. We provide you with the latest breaking news and videos straight from the United States of America.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Starting a Business informally is beneficial for Growth

Starting a business informally almost always benefits its development in the early stages, new research from NEOMA Business School reveals.

Why Must You Go for Professional Lawn Mowing Services?

The best Lawn Mowing specialist is knowledgeable about different grass varieties. Know the reasons why you must know.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -

Upgrade Your Outdoor Space With Outdoor Travertine Tiles

Outdoor travertine tiles are a durable and stylish option for any outdoor space. Here's the complete guide for it.

Why The Eye Drop Product Recall is causing all this Panic?

In this article, we will discuss what eye drop product recalls are, why they happen, and what you should do if you have a recalled eye drop product.
edealo.com
- Advertisement - Motel 6
transformerscon

Must read

Survivors Call for Monument in Honor of Fallen Heroes

Congress is moving forward with plans to build the monument to honor the 3,600 Americans who have earned the nation's highest award for valor in combat.

Best Apps for your New Mobile Phone

We can install any app from the google play store very quickly. Let’s take a look at some most amazing apps for android mobile phones.
- Advertisement -
- Advertisement -sslate

You might also likeRELATED
Recommended to you