What’s happening with student loan forgiveness? Ahead of the midterm elections, the Biden administration must come up with a student debt relief plan that doesn’t contribute to concerns over inflation.
. For many, the debt has become an obstacle to achieving the middle-class life college was meant to help provide.“Going to college was something that was viewed as, ‘You need to go to college so you can get a good job, and so you don’t have to continue that cycle of poverty,’” said the 29-year-old, who pays $1750 a month for a studio apartment in Anaheim.
Camacho earned a bachelor’s degree in English in 2014, started working as a high school English teacher through Teach for America that same year and began to pay back the loan. If she could do it again, she would ignore the advice she received as a high school senior: Enroll in the best school possible, regardless of the cost.
“All hell will break loose if and when this thing is restarted,” said Dalié Jiménez, director of the Student Loan Law Initiative at the University of California at Irvine School of Law, of resuming loan repayment. “This requires quite a bit of ramp up ... to be done well.” Meanwhile, if Biden opts to cancel $10,000 in debt for each student loan borrower, that would cost $321 billion and wipe out debt for nearly 12 million people, according to the Federal Reserve Bank of New York.
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