Can investment in Bitcoin help in repaying student loans?

livemint.com:

Student loans are one of the mediums used for fulfilling your education obligations. However, repaying these loans is burdensome. Currently, the forgiving of student loans in the US has taken the limelight. While millions of Americans await more clarity on President Joe Biden's student loans relief plan, however, the topic itself has already sparked challenges. Amidst the uncertainty and risks in student loans, there was a solution opined and that was the cryptocurrency leader Bitcoin.

As per the Biden Administration's Student Loan Debt Plan, if an American has received a Pell Grant while in college, he or she is eligible for up to $20,000 in debt reduction. While to students who didn't receive Pell Grants, Biden announced forgiving debt up to $10,000. However, the forgiveness only applies to those whose earnings are less than $1,25,000.

The opinions are split when it comes to forgiveness for US student loans which is the second largest consumer debt category in the country, rivalling mortgages who has topped in lending.

Since Biden announced the student loans relief plan, the Republicans have challenged the move. While some states in the US are planning to tax student loan forgiveness. If that is not enough, then scammers have already started to make most of the announcements by calling the borrowers and tricking them to pay for loan cancellation, as per reports.

At present, there are more than $1.7 trillion in US student loans.

Lokesh Arora, CEO, of Study24x7 said, "About 43 million Americans have federal student loan debt as millions of students in the United States choose loans as their resort for education. As per the data, student loans are the second largest consumer debt category in the country, after mortgages.