In most cases, private student loan forgiveness doesn’t exist. Although it may sound morbid, certain private lenders will forgive your loan balance if you die or are permanently disabled. In contrast, income-driven repayment plans and other federal student loan forgiveness programs allow you to partially or fully forgive federal student loans.
Even so, President Biden’s student loan forgiveness plan has raised a lot of controversy recently. On the one hand, in times of financial difficulty, it may seem necessary to assist borrowers. However, some people feel they are being unfairly treated because they did not go to college — some because it was too costly to attend the university — so why should they pay for your loan? You borrowed the money, not someone else. Many others got busy and paid off their student loans.
Regardless, the Supreme Court will decide President Joe Biden’s plan to cancel up to $20,000 in student debt. As a result, students will find out whether they’ll be able to resume payments this fall with a reduction in their balances — or if they’ll have no relief from their debt this fall.
This post appeared at ValueWalk.com.