Stop Believing These 5 Student Loan Cancellation Myths

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Beware of these 5 myths about student loan cancellation.

Here’s what you need to know.

Student loans

There is a lot of misinformation about student loan cancellation – who gets it, how much it will be, and when it will happen. Make sure you know how to separate fact from fiction. Don’t Believe These 5 Student Loan Cancellation Myths:

1. Everyone gets a student loan forgiveness.

Myth: “Cancel student loans»Means that all student loans have been canceled or that everyone is forgiven for student loans.

  • Senator Bernie Sanders (I-VT) offered to cancel all student loansincluding all $ 1.7 trillion in private and federal student loans.
  • However, this proposal does not enjoy broad support from either President Joe Biden or members of Congress.
  • It is unlikely that everyone will receive forgiveness on a student loan… Expect restrictions on income requirements, for example.
  • Senate Majority Chuck Schumer (New York State) and Senator Elizabeth Warren (Massachusetts) have proposed canceling student loans for student loan borrowers from annual income up to USD 125,000… If you earn more than this amount, you will not receive a student loan forgiveness from their plan.

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