The Institute for Fiscal Studies has warned that official statistics are understating the true cost of the student loans system, used by 1.5 million students.
Americans are struggling under a record $1 trillion in credit card debt, a recent report by the Federal Reserve Bank shows. Meanwhile, credit card interest rates are at historic highs.
The Biden administration will cancel $130 million in federal student loans for 7,400 borrowers who attended a now-defunct college in Colorado, the Education Department said on Tuesday.