Stop Believing These 5 Myths About Student Loan Cancellation

Stop Believing These 5 Myths About Student Loan Cancellation

Watch out for these 5 myths about student loan cancellation.

Here’s what that you must know.

Student loans

There’s quite a lot of misinformation about student loan cancellation—who will get it, how a lot there will likely be, and when it should occur. Make positive you understand how to separate reality from fiction. Don’t imagine these 5 myths about student loan cancellation:

1. Everyone will get student loan forgiveness

Myth: “Cancel student loans” means all student loans are cancelled, or that everybody will get student loan forgiveness.

  • Sen. Bernie Sanders (I-VT) proposed to cancel all student loans, together with all $1.7 trillion of personal and federal student loans.
  • However, this proposal doesn’t have mainstream help, both from President Joe Biden or members of Congress.
  • It’s unlikely that everybody will get student loan forgiveness. Expect limitations on earnings necessities, for instance.
  • Senate Majority Chuck Schumer (D-NY) and Sen. Elizabeth Warren (D-MA) have proposed to cancel student loans for student loan debtors with an annual earnings as much as $125,000. If you earn above that quantity, you wouldn’t get any student loan forgiveness below their plan.

READ:   The US already has student debt forgiveness—however barely anybody will get it

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