The pandemic-era student debt payment freeze has “significantly” improved the credit scores of Americans who borrowed money to pay for college, the Federal Reserve Bank of New York said.
About 30 million people saw their risk profile improve, with the biggest gains going to borrowers who were delinquent before the pandemic, New York Fed economists said in a blog post on Tuesday. They summarized the findings of an annual report on US student debt, which exceeds $1.7 trillion in total.
The moratorium on repayments and interest charges for federal student loans has been in place since the pandemic began in early 2020. It is currently set to expire on August 31, although the White House is considering another extension, as well as partial debt forgiveness for some borrowers.
Biden signs bill to bolster high tech
President Biden on Tuesday signed a $280 billion bipartisan bill to boost domestic high-tech manufacturing, part of his administration’s efforts to increase the United States’ competitiveness with China.
Flanked by dozens of lawmakers, union officials, local politicians and business leaders, Biden celebrated the legislation, a central part of his economic agenda that will spur investment in the U.S. semiconductor industry in a bid to reduce US reliance on overseas supply chains. advanced goods.
“The future of the chip industry is going to be made in America,” Biden said at a sultry Rose Garden ceremony, referring to the small devices that power everything from smartphones to computers to automobiles.
The legislation provides $52 billion specifically to bolster the U.S. computer chip industry.
The bill has been in the works for more than a year, but was finally approved by both houses of Congress late last month by significant bipartisan margins.
