U.S. Economy

Student Loan Forgiveness in Hands of "Understaffed and Overcommitted" Agency

The implementation of President Biden's widespread, income-targeted student loan forgiveness is shaping up to be a bureaucratic challenge for the U.S. Department of Education.

The implementation of President Biden's widespread, income-targeted student loan forgiveness is shaping up to be a bureaucratic challenge for the U.S. Department of Education.

Millions of Americans are in limbo waiting for information on how to take action on student debt relief – the success of which relies largely on an agency juggling unprecedented changes, on top of other reforms.

The agency doesn't have income data for most of the 43 million Americans eligible for forgiveness, meaning around 35 million people – including Pell Grant recipients – will have to attest that they makes less than $125,000 per year and apply for relief. What we're watching: StudentAid.gov, the government’s financial aid website, experienced visitors' traffic overload Wednesday and Thursday after it was inundated with people seeking information on loan forgiveness.

The U.S. Education Department hasn't yet released the website where people can apply for loan forgiveness by attesting that they meet the income requirement — and it's still unclear when that will be released, a person familiar with the matter tells Axios.

International

Scholz Promises 65B Euros to Shield Germans Through Tough Winter

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International

U.S. Officials Order Nvidia to Halt Sales of Top AI Chips to China

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Investing Ideas

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