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President-elect Joe Biden says student loan forgiveness “figures in my plan.”
Here’s what you need to know.
Student Loans
Biden was asked today during a press conference whether he supports student loan forgiveness and whether he would take executive action to cancel student loans. Here is what he said:
Cancel student loan debt
- Biden referenced legislation from House Democrats to cancel $10,000 of student loans.
- House Democrats included a provision to cancel student loans in the Heroes Act, the $3 trillion stimulus bill, that was proposed earlier this year.
- “They’re having to make choices between paying their student loans and paying their rent…It should be done immediately,” Biden said, referring to student loan forgiveness.
- During his presidential campaign, Biden supported a plan to cancel up to $10,000 in student loan debt for each borrower as a result of the Covid-19 pandemic.
- This plan to cancel student loan debt is likely for federal student loans only.
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