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Mar 19, 2021

Debt relief for some student loan borrowers

The Biden administration is canceling debt for thousands of people with federal student loans from for-profit schools and students who were defrauded. Plus, despite forecasts of strong economic growth for the U.S. economy, Fed Chair Jerome Powell is taking a more cautious approach. And, the state of our bifurcated economy, where some households have managed to save more during the pandemic and others have had to borrow more and increase debt.

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Secretary of Education Miguel Cardona, right, stands next to White House Press Secretary Jen Psaki while speaking during the daily press briefing at the White House on March 17, 2021.
Jim Watson/AFP via Getty Images

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Segments From This Episode

Thousands of students defrauded by for-profit schools will have their federal loans fully erased
Marketplace’s Nova Safo has more.
Fed policymakers agree we're in for a sharp spike in economic growth. But Chair Jerome Powell is still cautious in his messaging.
“What he stressed was that while the economy is growing faster than anybody thought possible this year, there are still chunks that are not functioning at all, particularly leisure and hospitality,” Christopher Low, chief economist at FHN Financial, said of Powell. Low said that Powell also stressed very high unemployment rates continue for communities of color. The Fed is taking inequity “quite seriously,” Low said, and these rates indicate that the economy is nowhere near full employment.
Despite more savings, American households still have a lot of debt
by David Brancaccio, Chris Farrell, Daniel Shin and Erika Soderstrom
Chainarong Prasertthai via Getty Images
Who’s taking on debt for what reasons, and why paying it down is good for your financial and mental health.
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Music from the episode

The Team

David Brancaccio Host
Victoria Craig Host, BBC
Stephen Ryan Senior Producer, BBC
Jonathan Frewin Producer, BBC
Daniel Shin Producer
Jay Siebold Technical Director
Meredith Garretson Morbey Senior Producer
Alex Schroeder Producer
Erika Soderstrom Producer
Rose Conlon Producer
Brian Allison Technical Director

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Debt relief for some student loan borrowers

Subscribe:

Segments From This Episode

Thousands of students defrauded by for-profit schools will have their federal loans fully erased

Fed policymakers agree we're in for a sharp spike in economic growth. But Chair Jerome Powell is still cautious in his messaging.

Despite more savings, American households still have a lot of debt

Music from the episode

The Team