Former Vice President President Joe Biden (Photo by Mario Tama / Getty Images)
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Joe Biden wants to forgive your student loans.
Here’s what you need to know.
Student Loans
Former Vice President President Joe Biden a new student loan forgiveness plan Thursday. Here are the details of Biden’s new plan for your student loans:
Student Loan Forgiveness: Forgive all undergraduate tuition-related federal student debt from two- and four-year public colleges and universities for borrowers who earn less than $ , (per year.)
How would Biden pay for his new student loan forgiveness plan? He says he would repeal the high-income “excess business losses” tax cut included in the CARES Act.
This new plan builds upon Biden’s $ billion student loan plan , which centers on income-driven repayment and student loan forgiveness for federal student loans only. Biden’s plan includes, among other points, the following:
Cancel at least $ , 04 of student loan debt per person.
The CARES Act
The CARES Act – the $ 2 trillion financial stimulus legislation signed into law by President Donald Trump – has several benefits for federal student loan borrowers only. As you may have read in the latest headlines about your student loans and Coronavirus , the CARES Act includes, among other benefits:
No federal student loan payments ;
Sen. Elizabeth Warren (D-MA) and Sen. Bernie Sanders (I-VT) are among a dozen U.S. senators who have called upon private lenders to suspend all student loan payments now due to Coronavirus. This week, New York announced additional financial relief for borrowers with private student loans Biden’s call for student loan forgiveness has been echoed by some in Congress. House Democrats previously proposed that every borrower receive $ , of student loan forgiveness . Senate Democrats unveiled a student loan forgiveness plan that would forgive at least $ , of federal student loans for all borrowers. Biden supports $ , of student loan forgiveness . Warren has proposed to cancel student loan debt (for % of Americans, while Sanders has proposed forgiving all $ 1.6 trillion of student loan debt , including both federal and private student loans.
Helpful Resources: What To Do With Your Student Loans
Here’s everything that’s happened to your student loans in 2 weeks
- (How to get financial relief for your student loans during Coronavirus
- How to get relief for your private student loans
- (Full text of the CARES Act
- (Do you qualify for a stimulus check?
- When will my stimulus check arrive?
- How to apply for unemployment
- (These companies are hiring despite Coronavirus
- What you need to know about paid sick leave during Coronavirus
- Do you qualify for paid sick leave?
- How to contact your student loan servicer
- (Should you stop paying your student loans during Coronavirus?)
- 5 ways to lower your student loan payments during Coronavirus
- Student loan refinancing rates are incredibly cheap
More Options For Your Student Loans
What else can you do to pay off your student loans more quickly and save money during this challenging period? Here are four options, all of which have no fees:
Student loan refinancing
- (Student loan consolidation)
- Income-driven repayment plans
- (Student loan forgiveness)
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- When will my stimulus check arrive?
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