Student Loan Forgiveness by Age and Dollars
Student Loan debt and how much of this may shake out. Pretty simple when you look into the this for now.
The data above is taken from the National Student Loan Data System (NSLDS). A database maintained by the U.S. Department of Education to aggregate loan and grant data for all students who utilize federal funds to pay for school. There are different formats shown by this site (delinquency, etc.).
When you start looking at the spread of student loans, it is correct to assume much of the student loan forgiveness will erase all of the loan indebtedness going to the 24 and under group. They hold the least amount of debt. I would assume many could still be in college. In any case, a large portion of them will have all if not major parts of their debt resolved.
If you look at the rest of the student loan borrowers, they are carrying anywhere from $33 thousand to $44 thousand dollars of debt. Ten thousand dollars of student loan forgiveness does not go far. Many of these loans are beyond what Pell and regular Federal loans might regularly be. I am not sure what Congress and Biden are thinking when it comes to their student loans. Many have been paying back or in delinquency for decades.
If these loans are in deferment, interest will be paid before principal. Chances are the ten or twenty thousand will be a gift to servicers and the government without paying one dollar of principal. If you are one of those 30-to-40-thousand-dollar creatures, you are shit out of luck.
Biden created much of the issue with his continuous blocking of bankruptcy since 1980. He is the one most responsible for this issue as well as a complacent Congress.