Democrats control the White House, U.S. Senate and the U.S. House of Representatives, but wide-scale student loan forgiveness is nowhere to be found. This absence of student loan relief has left the nation’s 45 million student loan borrowers wondering whether they will ever get student loan cancellation. Will your student loans get cancelled? To learn the answer to this question, it’s important to understand where Democrats stand on student loans and student loan forgiveness.
Biden supports $10,000 of wide-scale student loan cancellation. Initially, Biden espoused student loan cancellation in response to the Covid-19 pandemic rather than to the general financial burden of student loans. Biden has been clear that only Congress can cancel student loans, meaning that Congress must pass legislation on student loan forgiveness, and he will sign any legislation on student loan cancellation that Congress passes. Biden, a former U.S. senator and former chair of the U.S. Senate Judiciary Committee, has said he doesn’t believe he has the legal authority to enact wide-scale student loan cancellation.