Student loan forgiveness hearings today.
Student Loan Cancellation May Help More Borrowers, But That Doesn’t Mean Biden Will Cancel Everyone’s Student LoansGrassley turned to student loan cancellation as a policy. In discussing the notion of wide-scale student loan forgiveness, Grassley said:“Student loan cancellation would be a highly regressive idea and overwhelmingly would benefit the wealthy at the expense of others.”Grassley says that President Joe Biden lacks the legal authority to cancel student loan debt..
“The incentives in higher education are badly broken,” Sen. Jon Cornyn said during the hearing. Cornyn added that teenagers are expected to borrow tens of thousands of dollars to get a good job only to find out when they graduate there are limited jobs or their job doesn’t match their area of study, which creates a mismatch for student loan repayment. Cornyn also said:Cornyn doesn’t want to stand in the way of a student loan borrower borrowing a student loan.
“Schools are selling a product for a price, and that price needs to match what these students get out of it.”Biden or Congress hasn’t enacted wide-scale student loan cancellation. That said,since becoming president. It’s possible that Congress passes bipartisan legislation to make it easier for student loan borrowers to cancel student loans in bankuptcy. However, that won’t be the same as wide-scale student loan cancellation.
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10 Million Student Loan Borrowers To Be Switched To New Servicers This Year: What You Need To KnowYour student loan servicer might change soon. Are you ready? Nearly 10 million federal student loan borrowers will be transitioned to a new servicer by the end of this year after two student loan servicers—FedLoan Servicing and Granite State Management and Resources—have decided against renewing their contracts with the Department of Education (DOE). Borrowers affected […]
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This Hidden Clue Suggests Biden Won’t Extend Student Loan ReliefStudent loan relief expires September 30, 2021.
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