Student Loan Forgiveness Will Be Excluded From $1.85 Trillion Spending Package

This week, the U.S. House of Representatives is expected to debate the $1.85 trillion major spending package, which is part of President Joe Biden’s Build Back Better Plan. Inside this major legislation, you’ll find spending on health care, education and climate change. However, absolutely nowhere inside this legislation will you find any mention of student loan forgiveness or student loan cancellation. This is despite student loan forgiveness apparently being a top priority for Democrats in Congress. Senate Majority Leader Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA), who both have called for up to $50,000 of student loan forgiveness for student loan borrowers, have championed universal student loan cancellation as a centerpiece of their policy goals. Biden too supports $10,000 of student loan forgiveness for borrowers and has encouraged Congress to pass legislation.

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