Don’t pay for student loan forgiveness.
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: If someone promises you “Biden student loan forgiveness,” it’s a scam. Biden student loan forgiveness refers to student loan forgiveness through the U.S. Department of Education for your federal student loans. Biden student loan forgiveness also refers to student loan cancellation enacted by Biden under existing law. Again, “Biden student loan forgiveness” refers to federal student loan forgiveness through the federal government.
