From rallies on Capitol Hill to cancel student loan debt to hearings on student loan forgiveness, there’s been no shortage of focus on student loans. Congress and the Biden administration will have significant impact on the next steps for student loan forgiveness. What’s next for your student loans? Here are 4 things to know:
The U.S. Department of Education estimates that temporary student loan forbearance collectively has saved student loan borrowers $5 billion each month during the Covid-19 pandemic. Similarly, President Donald Trump cancelled nearly $20 billion of student loans by extending student loan relief from the Cares Act, the $2.2 trillion stimulus package that Congress passed in March 2020.