If President Joe Biden cancels student loans, this is what it looks like.

Here is what you need to know.

Student loans

The US Department of Education has asked Biden to conduct a legal review of the president’s authority to eliminate student debt. The finalized but expected results of that review in a matter of weeks will help Binden make a decision to approve a broader student loan waiver. There are two main ways to forgive student loans. Here is what that advice might mean and what it means for your student loans:

Who may be eligible for student loan cancellation

Despite a general call to “cancel all student loans” Not all student loans are forgiven. That may sound strange, but there is no real idea to cancel student loans for every borrower. Like stimulus checks, there may be restrictions on eligibility for student loan forgiveness. Although both Biden and Congress are considering different student loans, with different policies, legal and political issues, although these may change, there are differences of opinion as to who will be eligible for student loan cancellation.