Economics
Student Debt Headaches Return for Millions Despite Biden Relief
Circumstances have changed a lot during the pandemic payment pause that’s about to end.
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US President Joe Biden’s plans to wipe out up to $10,000 on many individual federal student loans—and in some cases up to $20,000—will be welcomed by close to 40 million Americans who are in line to benefit as soon as this month. But tens of millions will see a return of student debt burdens in the new year, creating more financial headaches and hardship at a time of growing economic uncertainty.
That’s set to be further complicated by the massive changes the system has undergone while it’s been on hiatus and the fact that a lot of student loan rule changes the White House is implementing are only partly rolled out.