Biden Has Now Cancelled $3 Billion Of Student Loans

Biden Has Now Cancelled $3 Billion Of Student Loans

Biden Has Now Cancelled $3 Billion Of Student Loans – Latest News Today

President Joe Biden has now cancelled nearly $3 billion of student loan debt. Here’s what you need to know—and what it means for your student loans. Since become president in January, Biden has cancelled more than $2.8 billion of student loans, including another big announcement for student loan cancellation today:American have reacted differently to student loan cancellation. Student loan cancellation has been called both a stimulus and a massive wealth transfer. Supporters of student loan cancellation have been divided on Biden’s actions to cancel student loans. For example, some supporters have cheered Biden’s agenda to enact student loan cancellation. In only five months, Biden has moved quickly to cancel student loans for more than 1 million student loan borrowers. This is in addition to student loan relief such as pausing student loan payments, setting interest rates to 0%, and pausing all collections of student loans in default. From March 2020 to September 30, 2021, the U. S. Department of Education estimates that student loan borrowers will get more than $90 billion of student loan cancellation as a result of student loan relief from the Cares Act stimulus. Other supporters say Biden hasn’t enacted wide-scale student loan cancellation. These supporters are asking whether student loan cancellation has been cancelled. While they recognize Biden cancelled student loans in specific circumstances, they want student loan forgiveness for all or nearly all $1.7 trillion of student loan debt. Some supporters would be happy with $10,000 of student loan cancellation, while other supporters demand $50,000 of student loan cancellation. While $3 billion is a large headline number, some supporters note that it’s approximately 0.1% of the $1.7 trillion of student loan debt outstanding. Opponents of student loan cancellation also have mixed feelings. For example, some opponents of wide-scale student loan cancellation support targeted student loan forgiveness. Why? They understand that student loan borrowers who are permanently disabled or who were victims of fraud should have their student loans forgiven. At the same time, there are opponents of student loan cancellation who don’t want the federal government paying for student loans. These opponents believe that student loan repayment is an individual’s responsibility, not the federal government’s. They view student loan cancellation as a massive wealth transfer from the government to student loan borrowers. There will be more student loan cancellation. There are at least four ways that Biden can enact student loan cancellation. Expect more student loan forgiveness. However, student loan cancellation may not be wide-scale or available to every student loan borrower. Progressives in Congress may continue to pressure Biden to enact wide-scale student loan forgiveness. Since becoming president, Biden has been focused on targeted student loan forgiveness for specific constituencies.

All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/zackfriedman/2021/06/16/biden-has-now-cancelled-3-billion-of-student-loans/

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