Biden: Cancel Student Loans Immediately
Joe Biden is calling on Congress to cancel $10,000 of student loans immediately… Why $10,000 of student loan forgiveness? Biden adopted the plan contained in the Heroes Act, which is the $3 trillion stimulus plan that House Democrats proposed… the Heroes Act (which is a legislative proposal and not law) does not provide student loan forgiveness for every borrower. Rather, only borrowers who have been struggling financially due to the Covid-19 pandemic would be eligible to “cancel student loans.” It’s unclear what the financial litmus test for student loan forgiveness would be, or if Congress would broaden the definition to include all student loan borrowers.
Read full article [here].
by Zack Friedman, Forbes.