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Federal loan forgiveness


From Forbes,

There are 45 million borrowers who collectively owe nearly $1.6 trillion in student loan debt in the U.S. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans.

From CNBC,

Student loan forgiveness is looking more like a possibility under President-elect Joe Biden, but an unintended consequence may emerge unless Washington intervenes: a tax on loan forgiveness.

Biden has proposed creating a new program that would offer borrowers $10,000 of student debt relief for every year of national or community service, up to five years.

Sens. Chuck Schumer, D-N.Y., and Elizabeth Warren, D-Mass., have also said that the next president could wipe as much as $50,000 from borrowers’ balances via an executive order.

The US federal government can forgive people's student loans through the Public Service Loan Forgiveness program. The most recent data shows that the federal government forgave $347,935,412 for the month of September 2020.

How many billions of dollars of student loans will the US federal government forgive in 2021?

This question resolves as the total dollar amount that the US Federal Government forgives in student loans during 2021, in billions of dollars, as determined by data from the US Government, or credible media reports. Right now, you can find how much the federal government forgives by retrieving data here, downloading the spreadsheets, and summing the two entries titled "Total balance discharged for borrowers with an eligible PSLF application" and "Total balance discharged for borrowers with an eligible TEPSLF application*".

Economy – US

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