More than half of student borrowers say their financial stability hinges on debt relief
CBSN
More than half of people with student loans say their future financial stability hinges on erasing that debt, even as a Biden administration program that promised to forgive up to $20,000 remains in legal limbo.
About 1 in 5 Americans has an outstanding federal student loan, according to a recent study from personal finance site Credit Karma, which polled more than 1,000 adults in December. The Biden administration's student-debt relief program can't move forward until the Supreme Court hears challenges to the plan later this year.
The survey revealed that Americans with student debt are struggling to cope with the impact of inflation, with about one-quarter of borrowers saying they are using money they previously put toward loan repayments toward bills and necessities instead.
