The Government Accountability Office has announced that they’ll be forgiving a massive amount of debt in the coming years.
The plan, which forgives repayment plans that are repaid with available ability to funds, will allow students and people who have been saddled with inevitable debt in a college-education required world to get out from the repayments that would otherwise follow most into their 40s and beyond.
Currently, the plans have attracted 5.3 million borrowers holding an accumulated $355 Billion of debt, which amounts to around $70,000 a person.
What this means for the taxpayers remains to be seen, but there could be a future burden due to the plan, according to Fox News, and there might be some hope in removing that burden due to President-elect Donald Trump’s plans for the reduction of student debt.
This plan could mean a lot of really big things for American citizens.