These 3 messages are sent when a student loan is canceled



These three messages are sent when a student loan is canceled.

Here’s what you need to know.

Student loans

Now that the student loan exemption has been extended until January 31, 2022, attention is now being drawn to whether student loans will be canceled. Saint Elizabeth Warren, M.D., and Senate Majority Leader Chuck Schumer, New York, say student loan relief is necessary to prevent millions of student loan borrowers from defaulting. They say canceling the student loan is the next logical step. Opponents of the large-scale student loan cancellation say nearly two years of no federal student loan payments, coupled with a student loan cancellation of more than $ 110 billion, is ample student loan forgiveness. They argue that once the student loan exemption expires, there is no need to cancel another student loan debt. The cancellation of the student loan (and its absence) is a clear signal to the student loan borrowers, attorneys, other stakeholders and the general public. Exemption from a student loan without widespread student loan forgiveness also has a separate meaning. Here are 3 messages a student loan cancellation will send (and 3 messages if a large-scale student loan forgiveness does not occur):

1. Canceling a student loan means you can take off the shackles of student loan debt.

Canceling the student loan means that millions of student loan borrowers can get a new financial start. With less or no student loan debt, student loan borrowers of any age can have extra money to invest in their future or their local communities. Moving away from stimulating the economy and starting a family to buying a home and investing in retirement – canceling a student loan could make a financial difference for millions of people.


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