Student loan payment pause has been extended until May 1, 2022.
But will repayment start or will student loans be cancelled?
There are a few student loan forgiveness proposals
During Joe Biden’s campaign, he promised $10,000 in student loan forgiveness per borrower. However, there isn’t a bill yet. Repayment is set to restart on May 1, 2022, but there are rumors that it will be extended again. Read more about it here.
There are several proposals for student loan forgiveness. Senator Bernie Sanders has asked for 1.7 trillion dollars of student loan debt to be cancelled. However, it isn’t expected to happen.
Senate Majority Leader Chuck Schumer and Senator Elizabeth Warren suggested that up to $50,000 in student loan debt should be cancelled.
Senator and HELP Committee Chair, Patty Murray asked Biden to extend the pause for at least another year and cancel student loans for borrowers.
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