NASFAA Mention: Millions of Americans Are Behind on Their Student Loans — How It Impacts Debt Forgiveness

"U.S. student debt has ballooned for decades, but this year, legislators appear to be more serious about student debt forgiveness than ever before — prompting bold proposals and vigorous debate about potential impacts and costs," CNBC reports.

..."There are currently two student loan forgiveness proposals at play. House and Senate Democrats have urged President Biden to “broadly” forgive up to $50,000 of federal debt through executive order, an approach Senate majority leader Chuck Schumer has repeatedly reiterated Biden should take during his first 100 days in office. Biden however, is expected to call on Congress to forgive just $10,000 in student debt for borrowers

'$50,000 for everybody would shrink to the outstanding loan debt from $1.7 trillion to $700 billion,' estimates Megan Coval, vice president of policy and federal relations at the National Association of Student Financial Aid Administrators. 'And so this comes with a price tag of around $1 trillion.'"

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.


Publication Date: 2/18/2021

View Desktop Version