The Impact of Biden's Student Debt Cancellation on Loan Concentration in the US

As the federal student loan payment pause comes to an end, the Biden administration has announced that 125,000 student loan borrowers will have $9 billion in debt canceled. However, for those who don't qualify for debt erasure, payments will resume this month. Washington, D.C. has the highest average student loan debt at $54,856, followed by Maryland at $42,666. Georgia, Virginia, and Florida complete the top five states with the highest average debt. The total student loan debt in the U.S. has reached over $1.77 trillion, with more than half of bachelor's degree students graduating with student loans. The latest round of debt relief includes forgiveness for borrowers in public service fields, income-driven repayment plan adjustments, and borrowers with permanent disabilities. Experts advise borrowers to prepare for payments and consider signing up for auto pay to avoid interest accumulation.