The President of the United States Joe Biden announced the debt to write off federal student loans for education. Economists argue that the amount of debts written off may exceed $ 300 billion. An application for the program is published on the White House website.
43 million Americans will fall into the program. Half of them will pay off the debt completely. In the United States, almost every seventh American has an open education loan. Most of the debtors aged 25-34 years, and the largest debts in the age group 35-49 years.
According to the Federal Reserve Bank of St. Louis, the debt on student loans is almost $ 1.75 trillion. The authorities will attempt to facilitate the debt burden for citizens from the middle class and working families.