It’s now been more than seven months since President Joe Biden asked the U.S. Department of Justice to review his legal authority to cancel student debt.
The agency hasn’t released its findings yet. And although top Democrats argue that the president can cancel the debt through executive action, Biden has said little on the subject.
All the uncertainty is taxing on Austin Hossfeld, who owes around $50,000 with his wife, Hayley.
Every day, he types the same words into Google: “Biden” and “student loans.”
“A lot of the times, it’s the same articles,” Hossfeld, 26, said. “I reread them.”
Millions of other borrowers are likely on edge too, left questioning if they’ll be have their loans soon erased or be stuck making payments on them for years to come.
Here are some answers, based on what we know right now.
The odds of student loan borrowers getting their balances reduced or eliminated have never been greater, experts say.
Biden has said he supports cancelling at least $10,000 per borrower, and now he’s asked two agencies to study his legal authority to cancel the debt without Congress.
That being said, “until legislation is signed into law, you can’t count on anything,” according to higher education expert Mark Kantrowitz.