From skipping meals, losing sleep and being forced to go without required medical treatment: the weight of student debt plays a heavy toll on the everyday lives of many Americans. Those struggling with a crippling debt are eagerly awaiting a decision on whether the pause on student loan repayments will be extended once again at the end of August. Without an extension, they’ll be forced to cope with making repayments amid a cost-of-living crisis and surging inflation . But a bigger question is whether President Joe Biden will forgive some of the $1.7 trillion in student loan debt collectively owed by about 45 million Americans. The president is considering forgiving $10,000 in federal student loan debt for most borrowers, according to a recent Bloomberg report. He is also weighing another extension on the payment pause—moves that aim to appeal to young voters ahead of the November midterm elections. But those plans fall short of what some Democrats and advocates have been pushing for: they want the president to wipe away at least $50,000 in debt per borrower. The president told reporters recently that he’ll make a decision on the issue “by the end of August.” As the clock ticks for… Read full this story
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