Personal Finance

5 Myths About Student Loan Cancellation

Watch out for these 5 myths about student loan cancellation.

Here’s what you need to know.

Student loans

There’s a lot of misinformation about student loan cancellation—who will get it, how much there will be, and when it will happen. Make sure you know how to separate fact from fiction. Don’t believe these 5 myths about student loan cancellation:

1. Everyone gets student loan forgiveness

Myth: “Cancel student loans” means all student loans are cancelled, or that everyone gets student loan forgiveness.

  • Sen. Bernie Sanders (I-VT) proposed to cancel all student loans, including all $1.7 trillion of private and federal student loans.
  • However, this proposal doesn’t have mainstream support, either from President Joe Biden or members of Congress.
  • It’s unlikely that everyone will get student loan forgiveness. Expect limitations on income requirements, for example.
  • Senate Majority Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) have proposed to cancel student loans for student loan borrowers with an annual income up to $125,000. If you earn above that amount, you wouldn’t get any student loan forgiveness under their plan.

Checkout latest world news below links :
World News || Latest News || U.S. News

Source link

Back to top button
SoundCloud To Mp3