STATEN ISLAND, N.Y. -- Pandemic student loan relief, which Congress first passed in March 2020 through the Cares Act stimulus package and was recently extended until this May, has a hidden benefit for more than 40 million student loan borrowers: Student loan cancellation. With a three-month postponement of the student loan payment pause, that equates to $15 billion of total student loan cancellation. “During every month of temporary student loan forbearance, student loan borrowers will get ‘credit’ for a student loan payment — even if they didn’t make one,” the article advises. “Some may label this type of student loan forgiveness as not ‘real’ student loan cancellation,” Forbes says. While this isn’t wide-scale student loan cancellation in the traditional sense, this will save student loan borrowers substantial money for their student loans.”

Source: Forbes January 09, 2022 03:29 UTC