Idaho economics professor concerned about consequences of loan forgiveness
August 26, 2022
August 24, 2022
These excerpts are from an article originally posted on Krem.com on August 24th, 2022. Read the original here.
IDAHO, USA — President Joe Biden on Wednesday announced his plan to forgive up to $20,000 per borrower of federal student loans as part of the Biden-Harris Administration’s Student Debt Relief Plan.
Pell Grant recipients could see up to $20,000 of debt cancelled. Non-Pell Grant recipients can receive up to $10,000 of their loan cancelled, too.
To qualify, individual income must be less than $125,000 annually, or the household income must be less than $250,000, according to the Biden Administration.
The total student loan debt in the United States is nearly $1.75 trillion, according to numbers from Federal Reserve.
"It's obviously out of control. It's been a big discussion for a long time and doesn't show any signs of getting better," Boise State University doctoral student Brian Stelbotsky said.
About the University of Idaho
The University of Idaho, home of the Vandals, is Idaho’s land-grant, national research university. From its residential campus in Moscow, U of I serves the state of Idaho through educational centers in Boise, Coeur d’Alene and Idaho Falls, nine research and Extension centers, plus Extension offices in 42 counties. Home to nearly 11,000 students statewide, U of I is a leader in student-centered learning and excels at interdisciplinary research, service to businesses and communities, and in advancing diversity, citizenship and global outreach. U of I competes in the Big Sky and Western Athletic conferences. Learn more at uidaho.edu.