BusinessWhy people with student loans say their future financial stability depends on...

    Why people with student loans say their future financial stability depends on paying off that debt

    According to a recent study by Credit Karma, it assured that more than half of Americans who have student loan debt view their future economic stability with uncertainty if they fail to pay their loans.

    Despite the fact that last year the Joe Biden administration promoted the Student Loan Forgiveness Plan where it was intended to forgive $20,000 thousand dollars to each borrower, until now the proposal remains in legal limbo, while awaiting the approval of the Court Supreme.

    In the survey carried out by a financial institution, it was detailed that more than 1,000 US adults with student debt said they were avoiding the economic situation and the inflationary impactTherefore, one part assured that the money destined to pay the loan is being spent on basic needs and paying the high costs of services.

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    Likewise, 56% of those surveyed also mentioned that their main financial well-being is closely linked to the payment of the debt, that although had a break in 2020 due to the Covid-19 pandemic, it could resume in the middle of the year, which alerts some borrowers who find it difficult to make the payment.

    To Credit Karma Consumer Financial Advocate Courtney Alev “federal student loan payment relief has served as a financial lifeline for millions of Americans who have dealt with a lot of uncertainty in the last three years,” he said.

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    For their part, critics of the student loan forgiveness plan argue that if carried out this could hurt companies that service federal student loans. So far, the Court has only agreed to hear the arguments until the end of February.

    After Biden announced the proposal, approximately 26 million Americans had applied for relief through the web portal, however they will have to wait.

    It may interest you:

    Supreme Court puts Biden’s proposed student debt forgiveness on hold

    Source: La Opinion

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    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


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