Millions applied for student loan forgiveness before President Joe Biden’s plan was put on hold amid legal challenges. The forgiveness plan’s fate is now in the hands of the U.S. Supreme Court, which just heard arguments on the case.
When it comes to paying off that debt, Black and Latino graduates are struggling. Nearly half of Black students owe an average of 12.5% more than they borrowed, according to the Education Data Initiative.
Borrowers who earn less than $125,000 a year, or families earning less than $250,000, would be eligible for the $10,000 loan forgiveness, Biden announced. For recipients of Pell Grants, the federal government would cancel up to an additional $10,000 in federal loan debt.
From rates of infection to unemployment following the economic shutdown, some residents of Chicago have been cut deeper by the pandemic. We talk about the specific challenges facing hard-hit communities, and some of the support systems in place.
The Illinois Tollway last month announced that it would no longer accept cash tolls, making permanent a change it rolled out early in the pandemic. But does a cashless society leave some people out?
President Joe Biden’s coronavirus relief package could include canceling some student loan debt. What that could mean for borrowers — and the economy.