What should you do if your student loans have been canceled? Here's what experts say.
has said he supports erasing at least $10,000 for all borrowers, while top Democrats, including Sen. Elizabeth Warren, D-Mass., and Sen. Majority Leader Chuck Schumer, D-N.Y., continue to pressure the president to wipe out $50,000 for all. Those proposals would leaveGetting your student loans forgiven will likely be a turning point in your financial life.
The typical bill is around $400 a month, and research finds the payments make it harder for borrowers to start businesses, save for retirement and purchase a house. "This is a great opportunity to go back and examine your cash flow so you can figure out where to deploy the money you were previously spending on your loan payments," said Douglas Boneparth, certified financial planner and president of Bone Fide Wealth in New York.
"If you're low on cash and could use a greater cushion, this is the first place I would consider putting my money," Boneparth said.
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