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The rising burden of student debt in US: Are these mistakes driving up their loan balance?
The Biden administration's new Saving on a Valuable Education (SAVE) plan offers partial relief for federal student loan borrowers, following the Supreme Court's rejection of a $20,000 forgiveness initiative. As college costs and student debt rise, understanding mistakes that increase loan balances, such as interest rates and loan duration, is crucial. Recent data shows significant variations in average student debt across states, highlighting the financial burden faced by students nationwide.