In the ongoing quest to get student loan forgiveness, parents may be wondering if they too can get student loan cancellation. The good news is yes. However, parents who have Payday Now Loans student loans will need to take several steps to get their student loans forgiven. This is what you need to do.
Having student debt is one of the most exhausting situations in America. Years keep adding, and the debt never stops. However, for the first time, the student borrowers received good news. The Federal Government granted additional three months to student borrowers before they keep paying again.
The payment pause began in March 2020. Nevertheless, the Biden administration extended it until May 1. “We know that millions of student loan borrowers are still coping with the impacts of the pandemic and need some more time before resuming payments,” President Joe Biden said in a statement.
Did Biden promise to cancel everyones student loans? Thats a popular claim espoused by advocates for wide-scale student loan cancellation. The argument goes like this: Biden, as a presidential candidate, campaigned on student loan forgiveness of up to $10,000 for every borrower. If elected president, some claim that Biden promised to enact wide-scale student loan cancellation. However, one year into the presidents term, there has been no wide-scale student loan forgiveness. Therefore, the claim is that Biden did not keep his campaign promise. Now, some advocates and student loan borrowers want Biden to enact wide-scale student loan cancellation by executive order because they claim he promised to do so. Is this true? Not exactly.
Student loan forgiveness: what Biden actually said
As a presidential candidate, Biden expressed his support for wide-scale student loan cancellation. Other presidential candidates, including Sen. Bernie Sanders (I-VT), Sen. Elizabeth Warren (D-MA) and now Vice President Kamala also supported various forms of student loan forgiveness. For example, Sanders proposed student loan cancellation for all $1.7 trillion of private and federal student loans. Warren proposed cancelling 95% of student loans. As senators, both Sanders and Warren proposed legislation in Congress to support their student loan proposals. Biden championed student loan forgiveness on the campaign trail and on social media. However, Biden wasnt a U.S. senator when he ran for president in 2020, and therefore did not sponsor legislation in Congress. That said, other legislators proposed a comparable plan to cancel up to $10,000 of student loans for borrowers. Here is one example (among others) of Biden tweeting about student loan forgiveness before the 2020 election