(WWJ) – Here in Michigan, we’ve got a lot of student loan debt. The typical balance is about $34,000 per borrower, according to WWJ Business Editor Murray Feldman. With nearly 1.5 million borrowers in the state, that equates to more than $51 billion.
That’s a lot of money that has to be paid back. And that’s a lot of money that’s not going into the economy.
With President Joe Biden weighing forgiving up to $10,000 in student loan debt for certain borrowers, a lot of Michiganders could have student loan debt forgiveness on the horizon. In a new Daily J podcast, WWJ's Zach Clark examines the benefits and possible drawbacks of student debt forgiveness for hundreds of thousands of Michiganders.
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