December 9, 2022

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These Student Loan Borrowers Likely Won’t Get Student Loan Cancellation

If you have any of these student loans, they might not get cancelled.

Here’s what you need to know.

Student Loans

As Congress and President Joe Biden consider wide-scale student loan forgiveness, you may not be eligible for student loan cancellation if the following describes you. While there is no guarantee, this is the latest on student loan forgiveness based on the latest proposals:

Private Student Loans

If you have private student loans, don’t expect any student loan cancellation. Sen. Bernie Sanders (I-VT) and other in Congress want to cancel $1.7 trillion of student loan debt. However, the leading proposal in Congress from Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) calls for student loan forgiveness for federal student loans. So, if you have private student loans, you will have to consider other options for student loan repayment. With record low interest rates, student loan refinancing is a smart option for your private student loans. With student loan refinancing, you can get a lower interest rate, get a lower monthly payment, choose a fixed or variable interest rate, and choose a student loan repayment term from 5-20 years.