What Would You Do If You Were Suddenly Debt-Free? Millions of Student Borrowers Will Find Out
Almost half of those eligible for Biden’s forgiveness plan may have their loan balances wiped clean
Photographer: Rattanakun Thongbun/EyeEm/Getty Images
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As student borrowers get set to apply for federal loan forgiveness, some of them are also considering for the first time homeownership and other major milestones as they embark on new lives without the specter of debt hanging over them.
Of the 43 million Americans with federal student loans, 95 percent are expected to qualify for some forgiveness under a plan announced by President Joe Biden in August.