No, President Joe Biden is not actively planning to cancel student loans up to $ 50,000.

Here is what you need to know.

Student loans

Although Binden has been actively considering the cancellation of up to $ 50,000 in student loans recently, let’s explain what he said and did not say:

1. The official assessment of the executive authority to cancel student loans is different from the conscious estimate to cancel 50,000 student loans

Extensive interview with PoliticianWhite House Chief of Staff Ron Klein says US Secretary of Education Miguel Cardon has asked the president to conduct a legal review of the president’s decision to approve a massive student loan cancellation. Requesting a legal review, in itself, does not constitute an active waiver of up to $ 50,000 in student loans. Important, Cline did no I do not Reference $ 50,000 cancellation of student loan. Instead, interviewer Ryan Lisa says some Democrats want the president to cancel student loans up to $ 50,000 by executive order. That is an important difference. The legal review seems to be the president’s legal authority to extensively cancel student loans. Of Size Student loan forgiveness is a policy question. This is another important difference – the first case is the law enforcement, the second case is the amount of student loan cancellation.

At the request of the legal authority, Biden, who has a law degree from Syracuse and is a U.S. senator from Delaware, does not believe that the president has the legal authority to issue a large-scale cancellation of student loans. Biden believes Congress is the right branch of law to pass legislation on federal spending. Others, citing the 1965 Higher Education Act, do not agree with the President’s earlier decision to cancel any amount of student loans, regardless of the number of student creditors. At the request of the policy, Biden has the legal authority to cancel student loans, but Biden does not officially support the cancellation of student loans up to $ 50,000. There is no chance of a law enforcement official requesting a $ 10,000 to $ 50,000 student loan waiver. The legal question is whether a president (as an executive branch) can collect student loans together without additional congressional approval.

2. Legal review for student loan cancellation is not surprising

This legal review is not surprising, and, first of all, does not include student loan cancellation opportunities. In February, Binden’s president said he would need a legal review to review whether he had approved a broader student loan cancellation by an executive order. “[Biden] Who has been working for a few weeks has asked the education secretary – once he has started work – to write a note on the president’s legal authority, and we hope to see that in the next few weeks. They said.

3. Biden is considering canceling student loans

It is no secret that Biden, which supports the abolition of student loans and calls on Congress to immediately cancel $ 10,000 student loans. White House Press Secretary Jane Pesaki confirmed Binden on Tuesday. no I do not He changed his position on student loan cancellation. Pisaki also said that Biden is considering options on student loans.

4. Biden does not support student loan cancellation of $ 50,000

Binden does not support the cancellation of student loans up to $ 50,000. That idea came from Senate Majority Leader Chuck Schumer (D-New) and Senator Elizabeth Warren (DMA). Biden thinks the $ 10,000 student loan waiver is appropriate. Can Biden change his position? In fact, Biden may change his mind and cancel student loans with an executive order of $ 10,000, $ 50,000 or more. However, Biden did not say anything about the cancellation of the 50,000 student loan. To date, Biden has approved a student loan cancellation for the selected student loan group, including more than $ 2.3 billion in student loans. Biden canceled $ 1 billion in student loans for $ 72,000, and another $ 1.3 billion in student loans for 41,000 students with general and permanent disabilities.

Will your student loans be canceled?

Will your student loans be canceled? Klein said the president did not decide on student loans in either way. Once Biden received a note on student loan forgiveness, Klein Biden quoted him as saying, “It applies to that legal authority.” It looks at policy issues and makes decisions. The US Department of Education, headed by Betty Davos during the Trump administration, previously wrote that the president did not have the legal authority to cancel student loans. If the Biden Department of Education decides that the president can cancel student loans by executive order, there is no guarantee that Biden will cancel student loans. First, Biden should consider the extent of the student loan cancellation based on his policy views. Second, a legal note does not carry the same weight as a judicial decision, and a subsequent legal claim may be tried in court. Extensive student loan cancellation is another major way through Congress. Although Congress now seems to be pushing for the president to take action, Congress may pass a law on student loan forgiveness. In any case, make sure you have full information about student loans. Cancellation of student loans is only one component of student loans, and when or when it will come, and there is no guarantee. Here are some smart options to consider to save money

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