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<ul class="summary-list"><li>President Joe <keyword id="60973" type="UNKNOWN" weightage="60" keywordseo="biden" source="Orion">Biden</keyword> could cancel $10,000 worth of student-loan debt for certain borrowers.</li><li>This would free up income for current and aspiring business owners with debt.</li></ul>President Joe Biden's <a href="https://www.businessinsider.com/biden-announcing-cancel-10000-student-loan-debt-150000-income-cap-2022-5?utm_source=notification&amp;utm_medium=referral">loan-forgiveness plan</a> could include $10,000 in relief for federal borrowers who made under $150,000 in the previous year, three people familiar with the matter <a href="https://www.washingtonpost.com/us-policy/2022/05/27/biden-student-debt-borrower/">told The Washington Post last week</a>.As part of his presidential campaign, Biden <a href="https://www.businessinsider.com/student-loan-debt-forgiveness-biden-campaign-promises-education-department-2021-6">pledged to enact widespread student-debt forgiveness</a>. In 2020, borrowers had <a href="https://www.kauffman.org/entrepreneurship/reports/student-loan-debt-entrepreneurship/">$1.5 trillion in federal student-loan debt</a>, three times the total of about $516 billion in 2007, according to the Ewing Marion Kauffman Foundation, an education and <keyword id="11894137" type="UNKNOWN" weightage="60" keywordseo="entrepreneurship" source="Orion">entrepreneurship</keyword> nonprofit.Biden hasn't made an announcement, but loan forgiveness could provide more disposable income for entrepreneurs with student-loan debt, said Philip Gaskin, the foundation's vice president of entrepreneurship. After all, <a href="https://www.inc.com/magazine/202102/leigh-buchanan/student-loan-debt-entrepreneurship-millennial-startup-founders.html">some entrepreneurs</a> have had to slow or stop their business operations because of debt, while others have found it difficult to secure business loans because of their credit scores."Paying back student-loan debt requires a steady and predictable income, and starting your own business is inherently riskier than taking a job that already exists," Gaskin said.Here's what Biden's plan would mean for young people looking to scale or start their own businesses, according to Gaskin.<h2>Student debt affects entrepreneurs</h2>Young people are gravitating toward <a href="https://www.businessinsider.com/best-time-to-start-a-business-gen-z-founders-2022-3">entrepreneurship</a> thanks, in part, to the fact that some successful influencers are earning more than America's top CEOs. However, a <a href="https://www.pewresearch.org/fact-tank/2019/08/13/facts-about-student-loans/">Pew analysis</a> of a 2018 Federal Reserve survey found that about one in three Americans between 18 and 29 reported having student debt.Gaskin said this is a hurdle for entrepreneurial hopefuls, especially Gen Zers and millennials."The concern around paying off student-loan debt can both potentially dampen hope or future confidence in starting a business and impact a person's ability to infuse capital into their business," Gaskin said.It's <a href="https://www.businessinsider.com/the-best-time-to-quit-your-job-start-business-recession-2021-6">one of the best times to open a business</a> thanks to virtual work and online platforms that reduce startup costs. Gaskin said this means that reducing student debt for borrowers could make it easier for them to get a business up and running.<h2>Reduced debt could free up income for entrepreneurs</h2>If Biden were to cancel $10,000 in student debt for certain borrowers, those borrowers would have more disposable income to put toward current and future businesses, Gaskin said, adding that the creation of more businesses could help the economy."Providing more opportunities to encourage entrepreneurship can have incredible impacts on local economies," Gaskin said. "More new businesses mean more opportunities to create jobs and help communities build generational wealth."But he added that having more money to invest in a business isn't the only factor in success. Young people need to assess their risks and <a href="https://www.startusupnow.org/anbp">access to capital</a> before committing to a new venture. Gaskin said they should also first gain some professional work experience.Having less student debt "has the potential to take a small amount of risk out of starting a new business for aspiring entrepreneurs, but it doesn't remove the risk entirely," he said.

How Biden's student-loan plan could help more people start businesses

Millennials are travelling like never before and the sudden rising wave of millennial travellers has also pushed the tourism industry forward. 
 Not only domestic but young <keyword id="6354692" type="ORGANIZATION" weightage="20" keywordseo="Travel">travel</keyword>lers are also going overseas owing to increasing knowledge, affordable travel packages, wish to experience new cuisines and culture and of course for relaxation. 
 
Young travellers’ most preferred destinations include the UK, the US, UAE, Singapore, Thailand, Sri Lanka, etc. 
 
As per a report by World Youth Student and Educational (WYSE) Travel Confederation, by 2020, 320 million international trips are expected to be made by youth travellers each year, a staggering 47% increase from 217 million in 2013. 
 Many millennails opt for solo, backpacking, group, trips and so one but one thing is common-they want hassle free travel, especially when they are <keyword id="648371" type="UNKNOWN" weightage="20" keywordseo="travelling-abroad">travelling abroad</keyword>. 
 
They want to save themselves from hassles of money exchange at every destination abroad and also look for discounts. Here’s when travel cards come in. 
 
Banks nowadays are facilitating easy travel for youth who travel abroad. They have launched travel cards for easy transaction, saving them from carrying cash. 
 
“A multi-currency travel card helps travellers to either carry money in a single currency or carry multiple currencies in one single card without the hassle of carrying cash. The exchange rate is fixed and known to the user protecting him/her from any volatile movement in exchange rates,” said Kusal Roy, Senior General Manager (Payments and Unsecured Loans), ICICI Bank. 
 
The travel cards come with insurance, free emergency travel assistance, zero lost card liability, etc. 
 
Young travellers also opt for travel cards owing to discounts. 
 
“One can avail 1 per cent cashback, on a minimum spend value of $ 1,000, using ICICI Bank Travel Card and up to 20% discount on dining, shopping, travel and stay as well,” said Roy. 
 
V George Antony, MD, UAE Exchange India, said, “Any customer who wants to exchange traveller cheque needs to pay high exchange conversion rate and this has shifted the youth to prefer travel cards that has comparatively less conversion rate. Besides, travel card can also be used in various instruments like POS swiping machine, ATM, online flat form.” 
 
Speaking about preferred destinations, Antony said, “For education, majority of Indian students travel to UK, USA, Russia, Canada, Australia New Zealand and Singapore, but looking at the trend for the past few years new destinations such as China, Ukraine, Philippians and Gulf countries are also being opted for higher education.” 
 
(Image: Thinkstock)

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How Biden's student-loan plan could help more people start businesses

Shriya Bhattacharya

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