With the stimulus payments on the way for Americans, many people with student loan debt are still worried about relief.
What would you like to know
- The cancellation of the loan is not in the new stimulus plan
- Democrats ask president to write off some student loan debts
- They say he could write off up to $ 50,000 per borrower
The cancellation of the loan is not part of the new stimulus package, but many are still hoping for relief soon.
Many Democrats in Congress, including Senate Majority Leader Chuck Schumer, are pushing for President Joe Biden to write off some student loan debts.
They say he could write off up to $ 50,000 per borrower.
But Biden wants Congress to act instead and has so far shown his support by forgiving $ 10,000, not $ 50,000.
Those who support loan cancellation say it will be its own kind of stimulus.
“The domino effect has been that when people have high student debt payments – $ 1,000, $ 2,000 a month – they can’t buy houses, they can’t buy cars, they’re not in. able to make purchases to help this small business, “said Natalia Abrams, executive director of Student Debt Crisis.
The new stimulus package includes tax breaks for those with student loan debt.
Biden recently eased restrictions on the Paycheck Protection Program, expanding its eligibility to include business owners with overdue or past due federal student loans.
Currently, about 45 million Americans are in debt.