President Joe Biden’s administration has talked about the possibility of student loan forgiveness; however, any sort of executive action canceling student debt would be limited to federal student loans, which means that borrowers with private student loans wouldn’t benefit.
With that said, Biden has proposed other student loan policies that could benefit private student loan borrowers, including:
Providing four years of free tuition at public universities for students with household incomes below $125,000.
Providing two years of free tuition at community colleges.
Providing two years of subsidized tuition at historically Black colleges and universities (HBCUs), tribal colleges and universities (TCUs) and minority-serving institutions (MSIs) for students with household incomes below $125,000.
Forgiving $10,000 of student loan debt for each year borrowers participate in national or community service, up to five years.
Making it easier to discharge student loan debt in bankruptcy.