Part of the Left’s agenda, when it comes to student loan debt forgiveness, is underway thanks to the Biden administration.
CNBC reported that some student loan debt forgiveness has been rolled out by the Department of Education.
These temporary changes to the Public Service Loan Forgiveness Program, which involves nonprofit and government sector employees, could affect around 110,000 people with student debt totaling around $6.8 billion in student loan debt. The federal agency claimed that the average amount of debt per borrower is around $60,000.
The program has been in existence since 2007 and would cancel these student loans after a decade of continuous employment or service. Another federal agency, the Consumer Financial Protection Bureau, said that the student loan debt forgiveness changes could make about one-quarter of American workers eligible.
Much of the program’s problems focus on eligibility for student loan debt forgiveness, technical problems, and misleading lenders.
Two of the changes from the Biden administration is reassessing a borrower’s timeline for debt repayment and counting previous payments as eligible payments.
Yet, avid progressives clamor for more wide-reaching student loan debt forgiveness, which could push the final price tag further into the billion-dollar range. But research has shown that most of the borrowers tend to make more money and therefore would not be in as deep financial trouble as the progressive movement claims.