US households are now sitting on a record $14 trillion in mortgages, credit cards, student loans and other forms of debt. (Photo credit Robyn Beck/AFP/Getty Images)
SALT LAKE CITY– School begins this week at universities across Utah as students wait for an announcement from the president. President Joe Biden is expected to give an announcement about student loan forgiveness.
One local official says the idea could especially help those with some college experience but no degree. Jessica Oiler with Weber State University said this will definitely impact local borrowers, “about 25% of our incoming students here at Weber State are going to take on loans at some point.”
The proposal forgives $10 thousand dollars for borrowers making less than $125 thousand a year could especially benefit people with some college and no degree that are typically making less money per year. Oiler agrees the plan could also really benefit recent graduates who are still working their way up the payroll ladder.