New guidance was issued this week by the Biden administration on its latest student loan forgiveness plan, offering crucial information for borrowers ahead of a key August deadline.
Student debt in the U.S. has become a significant economic and social issue, with total outstanding loans exceeding $1.7 trillion, according to the U.S. Federal Reserve. This massive debt burden affects over 44 million Americans, hindering their financial stability and delaying milestones such as homeownership, marriage, and retirement savings. The U.S. Department of Education has revised an earlier plan that was struck down by the Supreme Court, with the latest aid package designed to be more targeted in an effort to survive legal challenges. Borrowers were emailed en masse and told they had until August 30 to opt out of the plan.
Newsweek has mapped the states with the worst student debt problems in the U.S., according to data compiled by WalletHub.
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