In the meantime, the Biden administration once proposed forgiving a lower amount of up to $10,000 in federal student loans per eligible borrower. UNITED STATES - JULY 23: Sen. Elizabeth Warren, D-Mass., and House Majority Whip Jim Clyburn, ... [+] D-S.C., hold a press conference in the Dirksen Senate Office Buidling to introduce the Student Loan Debt Relief Act to cancel student loan debt for millions of Americans on Tuesday, July 23, 2019. Many companies have begun offering employer tuition contribution programs to help with the student loan debt crisis, and this perk can help workers receive direct payments toward their student loans. However, he warns to be careful about refinancing federal and private student loans together as "you will lose the unique benefits and protections on your federal loans." Since payments and interest on federal student loans are currently paused through September of 2021, don't rush to a decision on refinancing federal loans, says DePaulo.

Source: Forbes April 02, 2021 14:48 UTC