The Biden administration is canceling student loans for another 160,000 borrowers through a combination of existing programs.
The Education Department announced the latest round of cancellation on Wednesday, saying it will erase $7.7 billion in federal student loans. With the latest action, the administration said it has canceled $167 billion in student debt for nearly 5 million Americans through several programs.
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The latest relief will go to borrowers in three categories who hit certain milestones that make them eligible for cancellation. It will go to 54,000 borrowers who are enrolled in Biden’s new income-driven repayment plan, along with 39,000 enrolled in earlier income-driven plans, and about 67,000 who are eligible through the Public Service Loan Forgiveness program.
7.7 billion divided by 160,000 is average ~480,000 of loan money per person. So they bailed out a large chunk of rich kids going to expensive private schools. Cool.
If they were interest free loans, yeah. Since they have interest those loans may amount to only $100,000 which is about what state schools cost at this point
Or could be med/law school loans
What med school costs 150-250k per year…?
Public med school median total cost is 268k while private is 363k
https://www.bankrate.com/loans/student-loans/medical-school-cost/
Anything else you’d like me to Google?
The average annual income for an individual in the United States is around $76,770 is why are Americans always acting like they’re done up so rough? Every American is making over 70k!
A V E R A G E takes a heck of a lot of poor folks to balance the billionaires.
You got down voted because of the unnecessary shiftiness, but you did bring up what seems like a good point. $7.7b seems like WAY too high a number for 160k loads, since that would equal $481k per person on average.
I downvoted him because his math was wrong. It’s $48k.
Shit, I thought so too, then I did the math again, and got a the 480k answer. But I used 77 billion, because I am a dope.
Your math is wrong. $7,700,000,000 / 160,000 = $48,125