Reported 4 months ago
According to a survey by the Federal Reserve Bank of New York, Americans anticipate an increase in federal student debt forgiveness. In April, the perceived likelihood of a year-ahead rise in debt forgiveness rose to 39%, marking the highest level since 2022. Older Americans showed the highest expectations, with a notably sharp increase among those aged 45 and older. Despite President Biden's initial plan to cancel around $400 billion in student debt being rejected by the Supreme Court, over 10% of Americans with federal student loans have received some form of debt relief under his administration. However, with $1.6 trillion in student debt owed by 43 million Americans and a recent announcement of higher interest rates on federal student loans, there is growing pressure on the Biden administration to further assist borrowers.
Source: YAHOO