Record Drop in Student Loan Debt and Surge in Credit Card Debt: A Financial Snapshot
TL;DR Summary
Student loan debt in the US experienced a record decrease of $27.8 billion in the third quarter, the largest drop since the Federal Reserve began tracking student debt in 2006. The decline was attributed to federal loan forgiveness for certain borrowers and borrowers repaying ahead of the restart of required payments on federal loans. However, despite the decrease, the total student loan debt still stands at $1.7 trillion. The Biden administration is working on a new federal loan forgiveness program, set to be finalized next year, to further reduce student loan debt.
Topics:business#biden-administration#debt-forgiveness#federal-reserve#finance#loan-relief#student-loan-debt
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