Getting impatient waiting to hear if your student loans will be forgiven? Millions of other borrowers are in the same spot.
The topic of loan cancellation has been floated for years now. On the campaign trail, President Joe Biden promised to forgive at least $10,000 of the debt for all but other Democrats are pressuring him to raise that amount to $50,000.
Some experts suspect there could be action before the November mid-term elections, with Democrats hoping that delivering on loan cancellation could help them on the ballots.
Here’s what you can do while you wait for more news.
Can I count on forgiveness?
The odds of student loan borrowers getting their balances reduced or eliminated have never been greater, according to higher education expert Mark Kantrowitz.
In addition to the current president having vowed to cancel some of the loans, 60% of American voters now say they’re in support of debt forgiveness in one form or another.
Even so, Kantrowitz said, “until legislation is signed into law, you can’t count on anything.”
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Currently, there are pending reports from the U.S. Department of Education and the Justice Department on whether the president has the legal authority to implement loan forgiveness through executive action. It’s still unclear when the findings will be published.
