The Most Important Part of the Student Loan Relief Plan
Student loan debt is a clear problem in the U.S. Whichever side of the political spectrum you're on, and whether or not you agree with President Biden's loan forgiveness plan, student debt that is spiraling out of control is a major problem for our nation.
It's also important to realize that the student loan plan released by the White House does a lot more than simply forgiving $10,000 or $20,000 per eligible borrower. There are several other provisions that are designed to fix the problem from a long-term perspective.
You may have heard student loan horror stories that go something like this. Someone borrows $70,000 to fund their education, enrolls in an income-based repayment plan, makes on-time student loan payments every month for five years, and then checks their balance. Now they owe $90,000.
Source Fool.com
