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What happens if Biden s student loan forgiveness plan passes?

President-elect Joe Biden’s student loan forgiveness could help many borrowers. (iStock) President-elect Joe Biden’s student loan forgiveness plan could help millions of people who have student loans, especially those who attended public colleges. The amount of student loans continues to rise – debt levels reached an all-time high of nearly $1.5 trillion in November 2019, according to a Bloomberg analysis. The plan that Biden proposed during his campaign would help many student loan borrowers pay off their debt sooner, allowing them to pay down credit cards or save for a down payment to buy a home. Remember, those with federal loans have different perks and benefits (and you re going to want to hold onto them) than those with private student loans. If you have a private student loan and don t qualify for forgiveness programs, then consider a refinance. Want terms that work best for your financial situation? Credible can do the work for you.

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