Does Biden owe you student loan forgiveness?

Does President Joe Biden owe you student loan forgiveness?

Here’s what you need to know.

Student loans

Let’s get right to the point. Biden canceled $ 11.5 billion in student loans, which is the most for any president. He announced major changes to the forgiveness of student loans. This includes $ 2 billion in student loans that will be canceled in a matter of weeks. Yet even with the momentum around student loan cancellation, some say Biden hasn’t done enough. Specifically, against the wishes of congressional progressives and a cross section of student loan borrowers, Biden did not enact large-scale student loan cancellation. Without executive action to write off all or most of the student loan debt, some Biden supporters are asking this question: “Does Biden owe me a student loan discount?”Let’s break it down.

Why Biden owes you a student loan forgiveness

Some student loan borrowers firmly believe that Biden owes them a student loan forgiveness. Why? They claim that Biden promised it during his presidential campaign. (How to get a student loan discount). As a candidate, Biden said he would seek to write off up to $ 10,000 in student loans for student loan borrowers. If you voted for Biden thinking he would give a student loan forgiveness, you may also think that Biden “owes” you a student loan forgiveness. Proponents claim that a large-scale student loan cancellation would significantly stimulate the economy, provide financial relief, reduce disparities and provide additional capital for borrowers to start a business, save for retirement, buy a home, get married and start a family. For struggling student borrowers, getting out of debt makes the difference between dreaming of a better life and living the American dream.

Why Biden doesn’t owe you a student loan forgiveness

Opponents of a large-scale student loan forgiveness say Biden does not “owe” anyone a student loan forgiveness. They argue that Biden never promised student loan cancellation as a presidential candidate. On the contrary, while he campaigned on the cancellation of student loans, he is no different from any politician making a political promise in an election. Biden never said he would write off student loan debt; he always wanted Congress to cancel student loans. (Here’s who qualifies for the student loan waiver right now). Biden still supports up to $ 10,000 in student loan cancellation, but has repeatedly insisted that he does not have the legal authority to write off student loan debt without further authorization from Congress. Opponents also argue that the cancellation of the student loan is not a right that is not owed to anyone. While the cost of higher education is substantial, opponents argue that student loan borrowers should repay the student loans they borrow like any other type of debt. (Here’s how to get student loan forgiveness if you don’t work in the public service).

Will Biden cancel your student loans?

Student loan borrowers ask, “Will Biden cancel my student loans?” (Here’s how to apply for student loan cancellation from the Biden administration). If you ask Senate Majority Leader Chuck Schumer (D-NY) or Senator Elizabeth Warren (D-MA), they’ll tell you Biden is one signing away from freeing a generation of student loan borrowers from the chains. of student debt. . With just one executive order, Schumer and Warren claim that Biden can completely write off the student loan debt of 36 million student loan borrowers. So far, Biden has continued to disagree with their position, focusing instead on targeted student loan cancellation. This week, US Secretary of Education Miguel Cardona confirmed that the Education Department will cancel $ 2 billion in student loans in a matter of weeks. This is another example of signaling a clear commitment to cancel student loans, but it is not the large-scale student loan cancellation that congressional progressives want. You may think that Biden “owes” you a student loan forgiveness. Or, you might think Biden doesn’t owe you student loan forgiveness, but you still need student loan relief. As the Biden administration contemplates a large-scale student loan forgiveness, there is no indication that a large-scale student loan forgiveness is imminent. So, don’t expect Biden to write off everyone’s student loan debt. Instead, a better strategy is to focus on paying off student loans, especially your federal student loans, which will restart on February 1, 2022. The end of student loan relief is approaching, so make sure you to be ready. Here are some smart options for paying off student loans:

Student loans: related reading

How to request a limited student loan forgiveness

Education Department to Cancel $ 2 Billion in Student Loans

Here’s who’s eligible for the student loan waiver right now

3 ways to get a lower student loan repayment

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