Homeownership is part of the American dream, but for many, student loan debt keeps them from saving for a down payment. President-elect Joe Biden says he wants to change that. He is proposing a plan to forgive federal student loan debt by $10,000 per borrower. That forgiveness would lower monthly loan payments, freeing up money to be spent in the economy, put toward other debt, or saved for a home.
People choose to attend college for many reasons, whether that’s to simply enhance their education or for better employment prospects and networking. In order to attend college, however, many have found themselves looking for aid to make that dream a reality. In fact, roughly 44 million Americans have tapped student loans to pay for their education.
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