Author: Mensah Alkebu-Lan
Table of Contents #
Will Biden Cancel Student Loans? #
Overall, the Biden Administration has cancelled $11.5 billion in federal student loans since President Joe Biden took office last January. This is part of the administration’s ongoing plan to focus on targeted student loan debt cancellation. Up to this point, the administration has focused these efforts on public servants, student loan borrowers with a permanent and total disability, and student loan borrowers who were misled by their college. For many lawmakers, however, this does not appear to be enough. Many senators and congresspeople are pushing the President and Department of Education for wide-scale student loan cancellation.
For the foreseeable future, we can expect many of the nation’s eyes to be on the President, the Department of Education, and Secretary Miguel Cardona with respect to this issue. In the meantime, however, student loan borrowers can expect to resume student loan payments January 31, 2022.
Currently, these are some of the most common types of student loan forgiveness and loan discharge:
- Teacher Loan Forgiveness
- Public Service Loan Forgiveness
- Temporary Expanded Public Service Loan Forgiveness
- Closed School Discharge
- Total and Permanent Disability DIscharge
- Senators Demand Student Loan Cancellation For These Borrowers Right Now. https://www.forbes.com/sites/zackfriedman/2021/12/06/cancel-29-billion-of-student-loans-for-these-borrowers-right-now/?sh=3e21405b75cd. Accessed: 2021-12-11.
- Education Department Announces $2 Billion Of Student Loans Will Be Cancelled Within Weeks. https://www.forbes.com/sites/zackfriedman/2021/11/13/education-department-announces-25-billion-of-student-loans-will-be-cancelled/?sh=65adcce15107. Accessed: 2021-12-11.
- Federal Student Loan Forgiveness and Discharge. https://mygreatlakes.org/educate/knowledge-center/know-your-options-forgiveness.html. Accessed: 2021-12-11.