Canceling the debt will free up hundreds of billions of dollars for new consumer spending, adding a new wrinkle to the country’s inflation fight, economists say.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
The administration will extend its pause on student loan repayment through to the end of the year, while also announcing plans to forgive as much as $10,000 in student debt for borrowers whose income falls below $125,000 a year.Article content Cutting $10,000 in federal debt for every student would amount to $321 billion of federal student loans and eliminate the entire balance for 11.8 million borrowers, or 31% of them, a New York Federal Reserve study shows.
That should help with inflation lol 😂
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Biden to cancel US$10K of student loan debt for millions of AmericansU.S. President Joe Biden on Wednesday announced his long-awaited plan to deliver on a campaign promise to provide US$10,000 in student debt cancellation for millions of Americans -- and up to US$10,000 more for those with the greatest financial need -- along with new measures to lower the burden of repayment for their remaining federal student debt. It is a complicated theory but it potentially could help boost the economy if it works correctly. As a former student I know it would bump up my attitude towards a very stressful world nowadays. What great depression? Undeserving, and the ungrateful will still complain that it’s not enough and demand more.
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Big student loan forgiveness plan announced by BidenBorrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness How unfair is that? All of the students who saved to pay off their debt now have to pay for those who didn’t save. Plus, it’s usually the most fortunate kids who go to university. So poor people have to pay for the elite to go to school What a stupid decision. 2020: 'I've saved all my money. [My daughter] doesn't have any student loans. Am I going to get my money back?' Warren: 'Of course not.' 'So you're going to pay for people who didn't save any money and those of us who did the right thing get screwed.' Yay transfer debt from the students that made the decision to take out the loan, to the working class that couldn’t afford to in the first place. Yay!
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