What is the latest news on student loan cancellation?

Here is what you need to know.

Student loans

Will your student loans be canceled? That is the question that student creditors and taxpayers are asking. In light of the suggestions, headlines and speculations, let’s straighten the record. Here is the latest

1. We may have an answer on student loan cancellation soon

President Joe Biden wants the abolition of student loans in three ways. On a positive note, Binden asked the US Department of Education if it had the legal authority to approve a student loan cancellation. Earlier, Biden said he did not believe he had the power to cancel large-scale student loans. Therefore, Biden Congress wants to cancel $ 10,000 student loans immediately. If the content of the bill on student loans from the Department of Education can continue to cancel student loans or Congress has no legal authority, Congress must pass a law to cancel student loans. The Trump administration has previously written a legal note calling for a president Inability Joint approval of student loan cancellation without further approval from Congress.