Local NewsNational


Report: 34% of borrowers could have federal student loans erased

Posted at 12:18 PM, Apr 07, 2021
and last updated 2021-04-07 16:19:25-04

A new report shows the impact of forgiving student debt could have.

According to Student Loan Hero, 34% of borrowers could have all of their direct federal student loans erased.

Another 20% would have their balances cut by at least half if President Joe Biden goes through with a proposed student debt forgiveness plan.

Student loan counselors say this could have a big impact on local economies.

President Biden said he prefers not to take executive action and wants to work with Congress to cancel student loan debt.