The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.
The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.
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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.
7.7 billion divided by 160,000 is average ~480,000 of loan money per person. So they bailed out a large chunk of rich kids going to expensive private schools. Cool.
Your math is wrong. $7,700,000,000 / 160,000 = $48,125
If they were interest free loans, yeah. Since they have interest those loans may amount to only $100,000 which is about what state schools cost at this point
Or could be med/law school loans
The average annual income for an individual in the United States is around $76,770 so why are Americans always acting like they’re done up so rough? Every American is making over 70k!
A V E R A G E takes a heck of a lot of poor folks to balance the billionaires.