President Joe Biden on Wednesday announced a new round of student loan debt relief that targets more than $9 billion toward 125,000 borrowers.
President Joe Biden on Wednesday announced moer than $9 billion will be added to already approved student loan debt relief. this round will target relief at 125,000 borrowers.WASHINGTON — A new round of relief announced Wednesday, Oct. 4, by the White House will erase more than $9 billion in student loan debt for 125,000 borrowers.The newly announced relief means that in total, 3.
$1.2 billion for nearly 22,000 borrowers who have a total or permanent disability who have been identified and approved for discharge through a data match with the Social Security Administration. Additional debt forgiveness could help alleviate the impact of the long-scheduled resumption of loan payments this month, which will put a dent in tens of millions of family budgets. But it is unlikely to undermine the economy’s strength in the long term, even though analysts at BNP Paribas estimated it could take $100 billion out of consumers’ pockets and slow overall growth during the final three months of this year, the AP said.
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