Will your student loans get cancelled?
. Third, it appears that the Biden administration not only wants to tackle student loan debt, but also provide student loan relief that attacks the underlying root cause of student loan debt. While wide-scale student loan cancellation would provide substantial student loan relief, any wide-scale student loan forgiveness would be a one-time event. This means that it wouldn’t address rising tuition costs or help student loan borrowers who borrow student loans tomorrow or the next day.
Elizabeth Warren and Senate Majority Leader Chuck Schumer believe the president has existing authority to cancel student loans through an executive order with the “flick of a pen.” The Trump administration concluded that the presidentwithout further authorization from Congress. Speaker of the House Nancy Pelosi has agreed, noting that only Congress can pass wide-scale student loan forgiveness.
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