During Joe Biden’s presidential campaign last year, he promised to help eliminate student loans, but his stance has changed.The Biden administration will not extend the student loan relief as reported on Forbes. It was put in place due to the 2020 pandemic and helped 41 million borrowers. Payments will resume on February 1, 2022. It ends on January 31. The article points out repaying student loans is a “high priority” for the administration. If you’re hoping for a last-minute student loan cancellation, it’s most likely not happening. However, this is how you can get student loan forgiveness during the Biden administration, click here. Here are tips on how you can save money on your student loans, via Forbes.
- Student loan refinancing (lower interest rate + lower monthly payment)
- Income-driven repayment plans (lower payment, but same interest rate)
- Public service loan forgiveness (student loan forgiveness for public servants)