Many Student loan borrowers have been waiting for the results of the Presidential election to help them in making decisions on how to best manage their student loans. Now that Biden is the President-elect, we can begin to start determining the fate of student loans for the future. Senator Elizabeth Waren proposes Biden take steps on his first day to eliminate up to $50,000 in student loan debt per borrower. Based on Warren and Senate minority leader Chuck Schumer’s outlined plan, an executive order would cancel the $50,000 per borrower immediately.
Biden also spoke on including $10,000 per borrower in loan forgiveness under the Coronavirus relief program. For many, even $10,000 would be a big relief to assist with the burden of debt. However, some who have paid off their student loans already think borrower relief is not fair.
What do you think? Would you like to see $50,000 in loan cancellation become a real thing? How might this help you in other aspects of your life? Email me your thoughts at email@example.com!
As we wait for the President-elect to take his rightful place as President, we will gain more details about the possibility of loan forgiveness and cancellation. Please be sure to follow Degrees of Success for updates as they come. There may be possible documentation that is needed to get your loans forgiven and I wouldn’t want you to miss it.
In the meantime, be sure to continue to manage your loans appropriately. Currently, the CARES act will end on December 31st and payments will begin to be due again in January. You will want to have your loans in the appropriate repayment program and placed in good standing if they are currently delinquent. Don’t wait until the last minute to qualify for a payment reduction or to take advantage of the current forgiveness programs.
Contact Degrees of Success at www.meetme.so/DegreesofSuccess to discuss the best options for you.
Dr. Genevieve Dobson
President and CEO of Degrees of Success
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