Borrowers who saw student debt erased by Biden-Harris admin say ‘forgiveness is nice but not life-changing’

Having your student loan completely canceled or greatly reduced is not a ticket to easy street in the Biden-Harris economy of high mortgages and low housing availability, the Wall Street Journal reports.

So far, about 943,000 people have had their loans eliminated through President Joe Biden's student loan cancellation plan, with their balances standing at an average of $72,000. Another two million people had their student loans canceled by programs designed for the disabled or those with chronically low incomes.

But the plan continues to sail in troubled waters with a federal appeals court blocking the remaining portion of the plan under the Saving on a Valuable Education (SAVE) program that was supposed to lower payments for borrowers. The July ruling from the 8th Circuit Court of Appeal came just as the Biden administration was announcing yet another student debt cancellation plan. The court will allow seven Republican states to block portions that had not previously been blocked by the courts, In June, a St. Louis court prevented the administration from providing more student loan cancellations under its SAVE program.

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