Forgiveness of Student Loans Could Determine if Biden Cancels Student Loans in the Future
In response to a new FOIA request, a heavily redacted memo on the president’s legal authority to cancel student loans on his own was revealed. Acting Department of Education general counsel wrote the seven-page memo, which is titled “The Secretary’s Legal Authority for Broad-Based Debt Cancellation,” and is addressed to US Secretary of Education Miguel Cardona. The memo was dated April 5, 2021.
Student loan cancellation
If you want to cancel your student loans, send a letter to your parents explaining why.
Without Congressional approval, the president’s legal authority to issue an executive order cancelling student loans;
Recommendations on how and when to forgive student loans;
Alternatives to the Cares Act’s temporary student loan forbearance will be explored after that programme expires.
Arguments in favour of and against the cancellation of student loan debt
How much of your student loan debt can be forgiven if any; and
How broad the student loan cancellation programme will be compared to a more targeted approach, and who might be eligible for it
It was reported by the New Yorker that the documents were obtained via Freedom of Information Act request by a membership-based union called Debt Collective from the Department of Education. Student loan forgiveness memo may have been in existence since February 2021, and an updated draught may have been finished in early April 2021, according to the documents.
Debt Collective and others have made a number of claims about the social media memo and what it means for your student loan debt based on these documents. Debt Collective Take a look at these assertions and what they mean for your student loan debt in one quick snapshot