These student loan borrowers are unlikely to get student loan cancellation


If you have one of these student loans, they may not be canceled.

Here’s what you need to know.

Student grants

As Congress and President Joe Biden consider large-scale student loan forgiveness, you may not be eligible for student loan cancellation if the following describes you. While there is no guarantee, this is the latest on student loan forgiveness based on the latest proposals:

Private student loans

If you have private student loans, don’t expect student loan cancellations. sen. Bernie Sanders (I-VT) and others in Congress want to cancel $1.7 trillion in student loans. However, the leading bill in Congress from Senator Elizabeth Warren (D-MA) and Senate Leader Chuck Schumer (D-NY) calls for student loan forgiveness for federal student loans. So if you have private student loans, you will need to consider other student loan repayment options. With record low interest rates, student loan refinancing is a smart option for your private student loans. With student loan refinancing, you can get a lower interest rate, get a lower monthly payment, choose a fixed or variable rate, and choose a student loan repayment term of 5-20 years.

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