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Halved payments and forgiven debt: How the new student loan forgiveness plan might affect you (Video)

The Biden administration announced they will forgive student loans for more than 800,000 borrowers who have made at least 20 years of payments. That forgiveness comes as the Education Department prepares to implement major changes to a repayment plan which will reduce borrowers' monthly payments. Errol Barnett has more on how this all may affect you.

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Halved payments and forgiven debt: How the new student loan forgiveness plan might affect you (Video)

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Halved payments and forgiven debt: How the new student loan forgiveness plan might affect you (Video)

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Summary
Halved payments and forgiven debt: How the new student loan forgiveness plan might affect you (Video)
Title
Halved payments and forgiven debt: How the new student loan forgiveness plan might affect you (Video)
Description

The Biden administration announced they will forgive student loans for more than 800,000 borrowers who have made at least 20 years of payments. That forgiveness comes as the Education Department prepares to implement major changes to a repayment plan which will reduce borrowers' monthly payments. Errol Barnett has more on how this all may affect you. CBS News Streaming Network is the premier 24/7 anchored streaming news service from CBS News and Stations, available free to everyone with access to the Internet. The CBS News Streaming Network is your destination for breaking news, live events and original reporting locally, nationally and around the globe. Launched in November 2014 as CBSN, the CBS News Streaming Network is available live in 91 countries and on 30 digital platforms and apps, as well as on CBSNews.com and Paramount+. Subscribe to the CBS News YouTube channel: https://youtube.com/cbsnews Watch CBS News: https://cbsn.ws/1PlLpZ7c Download the CBS News app: https://cbsn.ws/1Xb1WC8 Follow CBS News on Instagram: https://www.instagram.com/cbsnews/ Like CBS News on Facebook: https://facebook.com/cbsnews Follow CBS News on Twitter: https://twitter.com/cbsnews Subscribe to our newsletters: https://cbsn.ws/1RqHw7T Try Paramount+ free: https://bit.ly/2OiW1kZ For video licensing inquiries, contact: licensing@veritone.com