These student loan borrowers are unlikely to get their student loan canceled

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If you have any of these student loans, they might not be canceled.

Here’s what you need to know.

Student loans

As Congress and President Joe Biden contemplate a large-scale student loan forgiveness, you may not be eligible for your student loan cancellation if the following describes you. While there are no guarantees, here is the latest on student loan cancellation based on the latest proposals:

Private student loans

If you have private student loans, don’t expect a student loan cancellation. Senator Bernie Sanders (I-VT) and other members of Congress want to write off $ 1.7 trillion in student loan debt. However, the main proposal in Congress from Senator Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) calls for the cancellation of student loans for federal student loans. So, if you have private student loans, you will need to consider other options for student loan repayment. With record interest rates, student loan refinancing is a smart option for your private student loans. With student loan refinancing, you can get a lower interest rate, get a lower monthly payment, choose a fixed or variable interest rate, and choose a student loan repayment term of 5 to 20 years.


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