President Joe Biden’s plan to address the issue of crushing student debt by forgiving loans — with the benefit capped at $20,000 for low income borrowers — is another example of the federal government providing financial relief to help people address a fiscal crisis.
To consider: When the COVID-19 pandemic destroyed the economy, eligible low-and-middle-income individuals got thousands of dollars in no-strings attached stimulus checks, with the first money delivered in 2020 under former President Donald Trump. Another Trump program used by companies and non-profits — the Paycheck Protection Program — provided loans that were mostly forgiven, benefiting people no matter their incomes.
