Student Loan Forgiveness: Proposed To Extend Limited Waiver

Sahil Luthra

Student Loan

The speculation regarding wide-scale student loan cancellation apparently could be over. After years of back-and-forth debate on student loan forgiveness, it appears that Biden could be prepared to decide the fate of more than 40 million student loan borrowers.

Repayment Extension

First, Biden could announce his fifth extension of student loan relief between now and August 31. Currently, following Biden’s major announcement earlier this month, federal student loan payments are paused through August 31.

If you’re still paying student loans after 20 years, the Biden administration wants you to know that help is on the way. Student loans aren’t meant to be a financial death sentence. 

Borrowers should not take any precipitous action in anticipation of loan forgiveness. Wide-scale student debt forgiveness doesn’t seem likely at this point. Even if Biden or Congress were to enact a plan, eligibility and the amount of loan forgiveness are likely to be limited.

Student Loan Forgiveness

The good news for student loan borrowers is that Biden is still considering wide-scale student loan cancellation. The bad news is there is no guarantee that he will cancel your student loans.

Student Loan Forgiveness

The limited waiver for student loan forgiveness is a game-changer for student loan borrowers seeking student loan forgiveness.

The goal of the limited waiver is to relax the rules for student loan forgiveness and allow borrowers to “count” student loan payments that were previously ineligible toward student loan forgiveness.

Student Loan Forgiveness

Biden’s major changes to student loan forgiveness will incorporate several features of the limited waiver and make them permanent.

Student Loan Forgiveness

If you’re excited about Biden extending the limited waiver for student loan forgiveness, then you have reason to celebrate. This relaxation of the rules for student loan forgiveness will help you get student loan forgiveness faster.

Student Loan Forgiveness

If you want to shape the future of student loan forgiveness, the Education Department is giving the public 30 days to comment on the proposed rules.

Student Loan Forgiveness

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