Larry Summers Opposes Full Forgiveness of Student Loans

Larry Summers Opposes Full Forgiveness of Student Loans

President Joe Biden will likely soon announce the fate of the student debt, as the current pause in federal student loan payments is set to expire on September 1.

About 45 million people owe approximately $1.7 trillion (or about $38,000 per person). Borrowers expect to see their obligations partially or fully eliminated.

Biden’s most likely decision appears to be debt relief of about $10,000 per borrower, sources told The Wall Street Journal. And for now, the government’s thinking is that this would only apply to people earning less than $125,000, they said.

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