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(2020 - 2023)

Suspended payments for 43 million federal borrowers.

Source: (U.S. Department of Education)

Insights: Helped borrowers save a collective $195 billion, reducing financial stress for 84% of student loan holders.

(2021)

Expanded PSLF eligibility, granting forgiveness to 615,000 borrowers by 2024.

Source: (U.S. Department of Education)

Insights: Forgave $45 billion in student debt, benefiting 1.4% of borrowers.

(2022 - 2023)

Reduced monthly payments for 8.5 million borrowers through revised IDR formulas.

Source: (Congressional Budget Office (CBO))

Insights: Decreased the monthly payment burden by an average of 35% per borrower, leading to improved financial stability.

(2022 - 2023)

Proposed up to $20,000 in forgiveness for Pell Grant recipients, affecting 20 million borrowers.

Source: (U.S. Department of Education)

Insights: Would eliminate debt entirely for 45% of borrowers if fully enacted.

(2022 - 2023)

Allowed 7.5 million borrowers in default to regain good standing.

Source: (National Consumer Law Center)

Insights: Reduced default rates by 15%, benefiting low-income and struggling borrowers.

(2023)

Restarted payments for 43 million borrowers after a 3-year pause.

Source: (U.S. Department of Education)

Insights: 70% of borrowers reported increased financial strain, with 9 million at risk of default in 2024.

(2023 - 2024)

Interest resumed on student loans, adding an average of $300 annually in accrued interest for 40 million borrowers.

Source: (Federal Reserve)

Insights: Increased the overall debt burden by 3-5% per borrower in 2024.

(2023)

Legal challenges blocked the proposed $10,000-$20,000 debt forgiveness plan.

Source: (Congressional Budget Office (CBO))

Insights: Affected 20 million borrowers who would have received partial or full debt relief, prolonging repayment periods for 45% of borrowers.

(2022 - 2024)

College tuition rose by 6% annually from 2020 to 2024, further increasing student loan dependency.

Source: (National Center for Education Statistics)

Insights: Added an average of $5,000 to new borrowers’ total debt, affecting 1.5 million new students per year.

(2022 - 2024)

Higher interest rates led to a 12% decrease in private student loan approval rates.

Source: (Federal Reserve Bank of New York)

Insights: Affected 3 million students seeking additional funding, limiting options for covering educational costs.

(2020 - 2024)

Between 2020 and 2024, student loan policies brought relief to 43 million borrowers through payment pauses and expanded forgiveness programs, positively impacting millions of Americans.

Insights: However, the resumption of payments, rising interest, and blocked forgiveness efforts have left 9 million borrowers at risk of default in 2024, while increased tuition costs added to the financial strain for 1.5 million new students each year. The balance of relief versus financial burden paints a mixed picture for borrowers nationwide.

(Our Opinion)

At InHouse America, we support policies that empower Americans, just like the student loan reforms from 2020 to 2024 that brought financial relief to millions.

Insights: Our platform showcases U.S.-based businesses, aligning with the belief that reducing financial strain enables consumers to invest more in local economies. By highlighting the impact of economic policies, we reinforce the importance of supporting American small businesses and fostering a sustainable future for all.

InHouse America doesn't endorse anyone but focuses on creating awareness of the importance of supporting small businesses and which administration is best for doing so!