Biden’s student loan debt relief plan, explained
Betsy Mayotte, the president and founder of the Institute of Student Loan Advisors, said borrowers with high rates of default tend to have smaller amounts of debt. Amounts that will be completely forgiven by this plan.
“I’m hoping that [the plan] will really be impactful and wipe the debt away altogether from a large majority of borrowers that do have debt and no degree,” she said. “Especially if that debt is preventing them from going back to school and completing their credentials, especially if they’re already in default.”