Education

We just got a fresh sign that Biden’s plan to give millions of student-loan borrowers who fell behind on payments a shot at debt relief is working

From Business Insider: “The New York Federal Reserve released its quarterly report on household debt and credit … While it found that total debt balances grew by $394 billion in the fourth quarter of 2022, with mortgage and credit card debt driving the increases, student loans were not a significant contributor to the increase. … The New York Fed report found that less than 1% of the total student-debt load was delinquent or in default for more than 90 days in the fourth quarter. … student-loan borrowers who were previously behind on their payments — or delinquent — saw their conditions improve in the last quarter thanks to President Joe Biden’s ‘Fresh Start’ plan.”

View the full article from Business Insider.