WASHINGTON — U.S. President Joe Biden will announce Wednesday that the government will forgive $10,000 in student loans for many of the country’s debt\u002Dsaddled…
Canceling the debt will free up hundreds of billions of dollars for new consumer spending, adding a new wrinkle to the country’s inflation fight, economists say.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
The administration will extend its pause on student loan repayment through to the end of the year, while also announcing plans to forgive as much as $10,000 in student debt for borrowers whose income falls below $125,000 a year.Article content Cutting $10,000 in federal debt for every student would amount to $321 billion of federal student loans and eliminate the entire balance for 11.8 million borrowers, or 31% of them, a New York Federal Reserve study shows.
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