That could mean Vice President Kamala Harris for your student loans.
Here’s what you need to know.
Since last year, student loan borrowers have been wondering where President Joe Biden stands about student loan termination. You asked questions like:
With congressional leaders focused on pressuring Biden to issue a sweeping student loan waiver, there is another headmaster who also has important opinions on student loans. Harris, a former US Senator (D-CA) and presidential candidate, has proposed several reforms for student loans and higher education. Let’s explore. (What Biden’s final student loan relief means to your student loan).
Student Loan: Cancellation of the Student Loan up to $ 20,000
Is student debt relief next? As a presidential candidate, Harris suggested waiving up to $ 20,000 in student loans. According to Harris’ plan, student loan issuance would not be possible for everyone. Rather, Harris tried to make student loans available to certain borrowers. For example, borrowers who received Pell grants available to low-income students to fund their studies could receive student loan waiver if they set up and run a business in a disadvantaged community for at least three years. The aim was to give economic impetus to disadvantaged opportunities, to promote entrepreneurship and to grant student loans. (Biden extended student loan relief, but proponents really want student loan cancellation).
Termination of the student loan: not for everyone
As a moderate US Senator and presidential candidate, Harris did not support the cancellation of all student loans. Senator Bernie Sanders (I-VT) proposed cutting all $ 1.7 trillion in student loans, including all private and federal student loan debt. That said, like Biden, Harris is helping up to $ 10,000 in student loan debt relief. (Student loan borrowers receive a $ 15 billion student loan cancellation). As Vice President, Harris said the student loan crisis is “real” and recognizes the need to find solutions. While Senate Majority Leaders Chuck Schumer (D-NY) and Senator Elizabeth Warren (D-MA) proposed a waiver of up to $ 50,000 on student loans, they too do not support a complete cancellation of student loans. Under their plan, Schumer and Warren would limit student loan issuance only to federal student loans and to borrowers earning up to $ 125,000 annually. (Here’s who’s just qualifying for student loan remission).
Student Loans: Harris supports tuition-free college
One way, as Harris suggested, to lessen the student loan burden is to free up two-year college tuition fees. In particular, Harris has supported:
- toll-free college at two- and four-year public colleges and universities for borrowers with annual income of up to $ 125,000; and
- Doubling of the maximum Pell Grant price.
Sanders and Warren both campaigned for a college free of charge in the US Senate and in the presidential campaign. As with large-scale student loan cancellation, Congress must still pass the toll-free college. (If you are waiting for the student loan to be issued, do this).
Harris would also cancel student loans for these borrowers
Harris, like Biden, has campaigned for student loan debt relief for student loan borrowers at Historically Black Colleges and Universities (HCBUs) and Minority-Serving Institutions (MSIs). “In terms of the history of the HBCUs, [students] choose to take on a service job that often doesn’t pay off as if going into the private sector and doing other things, ”said Harris. “The students who come out and have jobs less than $ 125,000 will also have their student loan debt canceled.”
For the months and years to come, Harris, along with Biden, could play a key role in shaping the future of student loans, student loan issuance, and student loan facilitation. The recent extension of the student loan facility by 90 days is an example of this. However, student loan relief won’t last forever. It is also possible that Congress might not pass a bill reforming student loans. Until then, find out about your options for repaying the student loan.
Here are some popular ways to get student loans paid off faster:
Student Loans: Related Literature
Is student debt relief next?
Student loan borrowers will receive a $ 15 billion student loan cancellation
Do this while you wait for the student loan to be forgiven
Biden extended the student loan facility, but proponents really want the student loan cancellation