In Case You Missed It

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ICYMI: New Proposal Could Give Borrowers a New Chance To Erase Student Debt

In case you missed it, federal student loan borrowers could each get up to $25,000 of their debt erased, thanks to a new proposal. The new bill from Texas Democratic Rep. Vicente Gonzalez is estimated to give $775.5 billion of debt relief to 45.4 million federal student loan borrowers.

Luckily (or perhaps unluckily), for those of us with student loan debt, this new proposal doesn't require President Joe Biden to act unilaterally. However, this bill would still have to work its way through a divided Congress, where it isn't clear whether Democrats could get the broad support needed to pass the bill.

Progressives are still calling on the President to make good on campaign promises to cancel a portion of student loans for all borrowers, instead of the piecemeal approach the administration is currently taking.

We're taking a short break in honor of Presidents Day, so there won't be a newsletter on Monday, but The Balance Today will be back in your inbox on Tuesday.

And don't forget—tune in to our Instagram Live Tuesday afternoon at 4 p.m. Eastern. We'll be talking about enjoying (and paying for) your new home with Patrice Washington, host of the "Redefining Wealth" podcast, author, and #MoneyMaven of the "The Steve Harvey Show."

- Kristin

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Off the Charts

A record high share of small business owners reported raising worker wages last month, according to a survey by the National Federation of Independent Business—the latest sign that the labor shortage persists.

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