US Debt Cancellation – What Just Happened?
So, the big news last week in world higher education was the Biden administration finally cancelling some student debt and – in theory, who knows? – resuming student loan repayments in December of this year (they were suspended in the Spring of 2020 in the chaos of early COVID.) Let’s break down Wednesday’s announcement. The government forgave the following debt: Up to $20,000 of Department of Education debt for borrowers who apply and meet the following three criteria: have outstanding