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COVID tax break could open door to student loan forgiveness
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Virginia introduces legislation to help students refinance student loans, lower interest rates
If approved, the bill would help students lower interest rates to the lowest in 10 years
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ROANOKE, Va. – Virginia students might soon be able to catch a break when it comes to their student loans.
With U.S. student debt exceeding $1.7 trillion, Sen. Mark Warner, Sen. Jon Tester and Sen. Angus King introduced a bill on Friday that could help reduce student loan debt and better the economy during the COVID-19 pandemic.
“All over the country, we have young people who made a substantial decision to invest in their future, but now find themselves saddled by overwhelming student loan debt during a pandemic that has tanked the economy and shattered the job market,” said Warner. “The way to get our economy back on track is not by having an entire generation of people who are unwilling or unable to make future financial commitments because they are buried by the
Warner, Tester, King introduce legislation to ease burden of student debt
Published Friday, Mar. 5, 2021, 9:58 am
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Front Page » Government/Politics » Politics2 » Warner, Tester, King introduce legislation to ease burden of student debt
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Student debt in the U.S. surpasses $1.7 trillion – all while an increasing number of borrowers find themselves unable to pay back their loans due to job scarcity and other extraordinary financial circumstances caused by the COVID-19 health and economic crisis.
March 2, 2021
With an economy in slow recovery, and the burden of education loans higher than ever, US president Joe Biden is facing increasing pressure from Democrats to wipe out $50,000 in student debt per borrower, and to do so via executive action. But Biden suggests more modest measures, saying the government shouldn’t forgive debt for students from “Harvard and Yale and Penn.”
On the campaign trail, Biden pledged to clear $10,000 of federal student loan debt per borrower a small dent in the more than $1.5 trillion of student loans issued or guaranteed by the US government.
Forgiving $10,000 in debt would completely wipe out the student loan burden for one-third of America’s 43 million federal borrowers, data from the US Department of Education suggests.
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