Will your student loans get cancelled?
This is how much student loan debt President Joe Biden has cancelled —Since becoming president in January, Biden has cancelled more student loan debt than any other president. This includes:$1.3 billion in student loan cancellation for 41,000 student loan borrowers in March; andIn total, Biden has cancelled nearly $8.7 billion of student loans. . This student loan cancellation has been focused on two main areas: total and permanent disability and borrower defense to repayment.
7 billion of student loan cancellation, Congress, Biden and President Donald Trump also cancelled. In March 2020, Congress passed the Cares Act — the $2.2 trillion stimulus package — which provided substantial student loan relief to federal student loan borrowers. This includes temporary student loan forbearance and a 0% interest rate on federal student loans. As a result, the U.S. Department of Education estimates that student loan borrowers have received $5 billion of savings each month.
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