Student loan forgiveness has become a contentious issue. Although there is no compensation for those who have already fulfilled their financial obligations, millions are struggling to pay off their debt decades after graduation. Student debt is crippling an entire generation of young adults and is making it difficult to build wealth. Therefore, the Biden administration has announced its plan for student loan relief to reinvigorate the economy and support those who are struggling to get out of debt.
What Is Biden’s Student Loan Relief Program?
In August, President Biden announced his plan to lift some financial burdens for working families. The student loan relief program aims to alleviate some of the current economic strains people are under in the wake of Covid-19. His latest announcement builds on the deferred repayment that is already in place. While Biden has extended the pause on student loan repayments through December 2022, the administration has also …
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