Biden will decide on student loan forgiveness before the end of the month

Tens of millions of student loan borrowers impacted

Biden has two monumental decisions on student loans, which could impact tens of millions of student loan borrowers. Broad student loan forgiveness could cancel student loans, while an extension of the student loan payment pause could delay the restart of federal student loan payments.

Biden confirmed he will announce his decision on wide-scale student loan forgiveness this month. What’s at stake? The answer: potential student loan cancellation of $10,000 or higher for student loan borrowers. The White House has denied that Biden has decided to cancel $10,000 of student loans for student loan borrowers. Progressives in Congress, including Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY), are still lobbying the president to cancel $50,000 of student loans. However, if Biden enacts wide-scale student loan cancellation, student loan borrowers should expect $10,000 of student loan forgiveness. Why? Since running for president, Biden has consistently championed $10,000 of student loan cancellation.