Tag #Higher Education Costs

What is the net effect of President Biden's student loan forgiveness program on the total outstanding federal student loan debt, and what are the immediate implications?

Despite President Biden's unprecedented $188.8 billion in student loan forgiveness benefiting 5.3 million borrowers, total federal student loan debt still increased from roughly $1.59 trillion in 2021 to about $1.64 trillion by the end of 2024. This rise, according to expert Mark Kantrowitz, is due to new borrowing exceeding repayments.