Share to Twitter Share to Linkedin While borrowers with federal student loans prepare for the current pause on payments and interest to end on January 31, 2022, many are still waiting for a memo on Biden’s legal authority to extend loan forgiveness to millions through executive action. As far back as April of this year, the Biden administration said they had asked the Department of Education to prepare a memorandum on this important subject. Since then though, we’ve hardly heard a peep about student loan cancellation, which is a shame since plenty of borrowers are trying to decide what steps to take based on this information. And last week, progressive Democrats including Ilhan Omar (D-MN) and Alexandria Ocasio-Cortez (D-NY) sent a letter to Biden asking him to release the memo by October 22. If loan forgiveness through executive action may actually come to fruition, letting borrowers know what forgiveness might look like can help them make smart decisions about their future. If loan forgiveness through executive action is likely illegal, on the other hand, people can suck it up and plan accordingly. Nivine Megahed, Ph.D., who serves as President of National Louis University, says that more than borrowers are waiting for… Read full this story
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Where Is Biden’s Student Loan Forgiveness Memo? Hint: It’s Probably Missing For A Reason have 313 words, post on www.forbes.com at October 12, 2021. This is cached page on IT Breaking News. If you want remove this page, please contact us.