Student loan borrowers who benefited from President Joe Biden’s loan forgiveness are still burdened by their finances as their debt is continuing to accumulate, according to a Saturday Wall Street Journal report and a July study.
Biden, who made student loan forgiveness a key promise in 2020, has pushed forward with the initiative despite the U.S. Supreme Court ruling 6-3 in late June 2023 to strike down his plan for nearly 40 million Americans. However, despite the loan relief, interviews with borrowers who have had their debt eliminated reportedly show that financial stress is still a major component of their daily lives, as debt from other sources piles up, according to the WSJ.
A July study by Constantine Yannelis, an associate professor of finance at the University of Chicago who studies household finance, found that borrowers have accumulated other forms of debt since having…
