Biden Has Really Cancelled $70 Billion Of Student Loans

Contributing sentiments towards policy:

62% : Get your student loans in order and understand all your options for student loan repayment.
58% : While Biden supports $10,000 of student loan forgiveness per student loan borrower, he says Congress should act to pass student loan forgiveness and he would gladly sign the student loan legislation.
57% : This is a big win for student loan borrowers because effectively, if you didn't make a single federal student loan payment since March 2020, you will get nearly two years of student loan payments "counted" toward the requirements of an income-driven repayment or the Public Service Loan Forgiveness program, for example.
56% : Student loan cancellation has become a focus on Capitol Hill.
55% : Temporary student loan forbearance, by itself, appears to be simply pausing your student loan payments.
55% : Instead, it's more likely that Biden will ensure that student loan borrowers get a fair shake, get access to simplified student loan repayment, get more student loan forgiveness, and other forms of student loan relief that will bring them closer to the American Dream.
54% : This includes more than $1.5 billion of student loans cancelled this way, and as recently as this month, $5.8 billion more for these student loan borrowers.
54% : The "counting" of non-payments for your student loans effectively is student loan forgiveness because you weren't required to make any student loan payments, but you got credit for making those student loan payments.
52% : When Congress passed the bipartisan Cares Act -- the $2.2 trillion stimulus in March 2020, Congress granted significant student loan relief, including:While this student loan relief is temporary, Congress effectively converted student loan relief into student loan cancellation.
51% : Warren and Schumer, who like Biden also hold law degrees, say that the Higher Education Act of 1965 already grants the president an existing unilateral power to enact an unlimited amount of student loan cancellation for all student loan borrowers.
49% : In the last eight months, Biden has enacted targeted student loan cancellation for hundreds of thousands of student loan borrowers.
46% : It's less likely there will be wide-scale, upfront student loan cancellation for all student loan borrowers, or even most student loan borrowers.
44% : Wide-scale student loan cancellation means that all student loan borrowers or most student loan borrowers got student loan cancellation.
44% : In aggregate, the Education Department says that more than 40 million student loan borrowers collectively got $5 billion of student loan cancellation for each month of the Covid-19 pandemic.
44% : For example, one can argue that Congress cancelled student loan debt through the Cares Act and Trump and Biden simply extended that student loan relief.
43% : It may not feel this way, but you may have already got student loan cancellation.
42% : Still others will say that even if Biden cancelled some student loan debt that Biden student loan forgiveness only representes a minor percentage of total student loan debt and still excludes millions of student loan borrowers.
41% : Biden extended student loan relief for one year, which equates to $60 billion of student loan cancellation in addition to the nearly $10 billion of student loans he has cancelled through targeted student loan cancellation.
40% : Others will say that unless all their student loans, or up to $50,000 of student loans, are cancelled outright, then it doesn't count as real student loan cancellation.
39% : At the same time, student loan borrowers who haven't got their student loans cancelled are wondering: "Will my student loans get cancelled?"
37% : However, Biden -- with the help of Congress -- have enacted wide-scale student loan cancellation, and there's a good chance you already got student loan cancellation.
35% : Others will say that Biden didn't even cancel nearly $10 billion of student loan debt because that student loan cancellation was based on existing law and his Education Department, led by Secretary Miguel Cardona, implemented all the student loan debt forgiveness.
34% : If you follow the latest student loan headlines, you'll know that Biden has aggressively cancelled nearly $10 billion of student loans.
34% : What if that student loan cancellation means that Biden has cancelled nearly $70 billion of student loans?
31% : Biden has cancelled more student loan debt than any president and expects to cancel more student loan debt throughout his administration.
29% : Some will dispute whether Biden cancelled $70 billion of student loans.
26% : To date, Biden has publicly said that he doesn't believe he has the legal authority to cancel student loans for all student loan borrowers without further authorization from Congress.
25% : While student loan cancellation may help more student loan borrowers, this doesn't mean that Biden will cancel everyone's student loan debt.
22% : President Joe Biden has really cancelled nearly $70 billion of student loans.
21% : Or, they support a proposal championed by Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) that would have Biden cancel up to $50,000 per student loan borrower through an executive order.

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