President Joe Biden hasn’t cancelled your student loans, but don’t pay for student loan forgiveness.
Here’s what you need to know — and what it means for your student loans.
If you follow the latest headlines on student loans, Biden has yet to enact wide-scale student loan cancellation. Despite pressure from Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) to cancel up to $50,000 of student loans, Biden has opted to focus on targeted student loan cancellation. Since becoming president, Biden has cancelled more student loans than any president. This includes $10 billion of student loan cancellation, including $1.5 billion of student loan cancelled this way and $5.8 billion of student loans cancelled for student loan borrowers with a total and permanent disability. (Find out here how to apply for student loan forgiveness). Without wide-scale student loan forgiveness, you may be askingL “Should I stop paying my student loans?” If you didn’t get student loan forgiveness, you also may want to pay a company to help you with student loan forgiveness. The lack of wide-scale student loan cancellation has resulted in potential scams involving student loans. Here’s what you need to know so you don’t lose money:
1. There’s no Biden student loan forgiveness
If someone promises you “Biden student loan forgiveness,”…