Your student loans may get cancelled in the new stimulus package.
Here’s what you need to know.
President-elect Joe Biden has released a $1.9 trillion stimulus package, which includes more stimulus checks, unemployment benefits, and state and local aid. However, one thing missing is student loan forgiveness. Will you get student loan cancellation? It’s possible that Congress may include student loan cancellation in the new stimulus package, even if Biden didn’t include it in his stimulus plan. Why? Biden wants Congress to cancel student loans immediately. Several House and Senate Democrats also support student loan cancellation. So, Congress potentially could cancel student loans in the new stimulus bill, or pass standalone legislation. Before Congress or Biden cancels student loans, however, they have to agree how much student loan debt gets cancelled and who gets student loan cancellation. Here are 5 ways that Congress could cancel student loans in the new stimulus package: